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Turkish currency crisis spirals as lira plummets to fresh record low

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The Turkish lira hit a record low of 17.17 against the dollar on Friday, losing a staggering 9 per cent in a single day, following concerns over soaring inflation amid President Recep Tayyip Erdogan’s push to cut key interest rates by 5 per cent since September. The lira separately saw an all-time low of 19.43 versus the euro on Friday, before recouping some losses as the central bank intervened to sell foreign exchange to the markets. Analysts warn the bank is running out of arsenal to defend the ailing lira and call Erdogan’s tactics reckless. The currency crisis has delivered a major blow t…

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