Turkish lira falls to new low, central bank intervenes | Al Jazeera

Turkey’s lira tumbled past 14 to the dollar for the first time, triggering the central bank’s fourth intervention in currency markets this month.

The decline came after S&P Global Ratings lowered the outlook on the nation’s sovereign credit rating to negative on Friday, citing risks from the “extreme currency volatility.”


The lira weakened as much as 6% earlier before paring losses after the monetary authority sold foreign exchange in the currency market. The bank – which is forecast to cut interest rates this week despite rising inflation – cited “unhealthy” price formations in the market.