On Tuesday, the exchange rate of the Turkish lira paired with the US dollar again updated the historical minimum amid expectations of another reduction in the discount rate by the country's Central Bank. The current quote of the USD/TRY pair is 10.28 lira per dollar, which has become a new anti-record. At the end of October, the Central Bank of Turkey decided to reduce the discount rate from 18% to 16% against the background of a record fall in the Turkish lira. After that, the national currency accelerated the decline. On Thursday, the Turkish regulator intends to lower the interest rate again. Recall that the lira began to fall sharply in mid-October, after the news that three high-ranking officials of the Central Bank, including two deputy heads of the regulator, were dismissed by decree of President Tayyip Erdogan. As you know, they voted against reducing the interest rate at a meeting in September. Erdogan is in favor of lowering the rate, arguing that the increase in inflation is due to high interest rates.
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