Turkey’s Central Bank intervenes as currency hits record low

ANKARA, Turkey (AP) — The Turkish currency has dipped to an all-time low amid another anticipated interest rate cut later this week and after the S&P credit rating agency downgraded its outlook for Turkey. The Turkish lira plummeted to 14.75 against the U.S. dollar Monday, prompting Turkey’s Central Bank to intervene by selling off foreign currency. The lira has been plunging to record lows as the bank has slashed borrowing costs by 4 percentage points since September despite soaring inflation. The weakening currency has accelerated inflation, seriously eroding people’s purchasing power and making even basic needs unaffordable.