Turkish Lira Continues to Slide Despite Central Bank’s Efforts

The Turkish lira continued to slide today despite efforts from the nation’s central bank to stem the currency’s depreciation.

The Central Bank of the Republic of Turkey made an emergency interest rate hike on Wednesday, raising the lending rate by 3 percentage points to 16.5%. Other rates, including the benchmark Marginal Funding Rate, remained without change. Apparently, that was not enough to prevent the collapse of the lira as the currency continued to fall afterwards.

USD/TRY rose 0.21% to 4.7179 as of 17:39 GMT today.

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