Turkish currency registers all-time low record against US dollar

(MENAFN) On Thursday Turkey–s state currency dropped to an all-time low counter to the dollar after the central bank reduced interest rates for the third month in a row after pressure to do so from Recep Tayyip Erdogan, the Turkish President.] The bank reduced its policy rate from 16 to 15 per cent in spite of increasing inflation and a quick-depreciating currency. The lira fell to a record low of 11.30 opposed to the dollar, but later cut down losses. Timothy Ash, BlueBay Asset Management Economist expressed in an email message to customers, of the central bank's statement, "just a pretty ludicrous move," and he also added, "really dangerous for lira and for Turkey."