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Turkish Lira tumbles to record low vs. USD

Turkish Lira tumbles to record low vs. USD after as Turkey Central Bank unexpectedly cuts rate after Erdogan pressure.

Turkey's Central Bank lowers benchmark one-week repo rate – policy rate – by 100 basis points to 18%

CBRT just took a huge risk with macro financial stability and cut policy rates 100bps despite the rising inflation. The lira is incredibly vulnerable now.

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