Original title: Turkish lira depreciation hits new record low against US dollar exchange rate falls below 9 Source: CCTV News client
On October 11, local time, the Turkish lira fell below 9 against the dollar, reaching 9.01, another all-time low.
On the same day, Turkish central bank governor Sbkafchiolu said in the Loya Jirga that "the exchange rate and interest rates are not related" and that Turkish interest rates are currently at the expected level.
On September 23rd the Monetary Policy Committee of the Central Bank of Turkey announced that it would cut the policy rate by 100 basis points, from 19% to 18%. After the announcement of the interest rate cut, the Turkish lira depreciated, and the exchange rate of the lira against the dollar was once close to an all-time low of 8.8. Last month's decision to cut interest rates came as a surprise. Many experts and media have predicted that the Turkish central bank will keep existing interest rates unchanged.
Turkish President Recep Tayyip Erdogan has repeatedly said that high interest rates will hinder economic development. On the 7th, it reiterated its commitment to cut interest rates, saying that it would lower inflation and interest rates, "just like it did before."
Since the beginning of September this year, the Turkish lira has continued to depreciate. On October 8th, the Turkish lira fell to a low of 8.97 against the dollar. (front desk reporter Gu Yuting)
(editor Li Jianning)