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Turkish lira value plunges to new historic minimum

The value of the Turkish lira dropped to a decoding level of £7.59 per dollar this morning, just days before a major central bank meeting this week, Reuters reported.
Turkey's national currency depreciated by over 20 percent this year, making it one of the worst-performing currencies in emerging markets, the agency reminds. Today's decline marks the latest historical minimum for the Turkish lira, which is now a seventh session in a row losing its value, BTA reports.

A meeting of Turkey's central bank's monetary policy committee is scheduled to take place on Thursday, Turkish media reminded. The bank is expected to keep the base rate unchanged again despite calls from economists to raise it.

President Recep Tayyip Erdogan opposes high interest rates, which contradicts the standard market theory for the exchange rate. He even changed the central bank governor last year for failing to follow instructions to cut interest rates, which cast serious doubts on the bank's independence.

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