The Turkish Lira exchange rate has fallen at a record against the US dollar, according to trading data. At 11:46 Moscow time, the dollar cost 9.97 lira. At 12:25 Moscow time, the dollar was worth 9.93 lira.

Lira began to depreciate sharply since the beginning of September, when the dollar was trading at 8.3 lira. The fall in value was influenced by the reluctance of the Turkish Central Bank to raise the key rate, despite the rapid acceleration of inflation – in September, the rise in prices accelerated to 20 percent. Meanwhile, at the October meeting, the Central Bank lowered the key rate from 18 to 16 percent.

The last time the rate of the Turkish national currency fell to a record at the end of October, dropping to 9.84 lira per dollar. The reason was the decision of Turkish President Erdogan to declare ambassadors of ten countries as persona non grata.