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October 03
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The Turkish lira has collapsed to its lowest level in eight months.This came after the country's central bank decided to lower the rate at an inflation rate of nearly 80 percent, Bloomberg reported.

The national currency weakened by one percent and 18 liras are now given for one dollar. The regulator's decision to lower the rate from 14 to 13 percent became the reason. The agency points out that markets took it as a signal that the fight against price hikes is no longer a priority for the Turkish Central Bank.

Meanwhile, inflation in Turkey rose to a new 24-year high of 79.6 percent in July. Inflation began rising last fall when the lira fell sharply after the central bank gradually cut its discount rate by 500 basis points to 14 percent as part of a easing policy pushed by President Recep Tayyip Erdogan. In June, Turkey's annual inflation rate approached 80 percent. According to the country's Institute of Statistics, the figure was 78.62 percent, with consumer price growth reaching 4.95 percent for the month alone.

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