The Turkish lira hits its weakest level in nearly two months

The Turkish lira is falling to its weakest level in two months. This is largely due to the currency crisis caused by a series of unconventional interest rate cuts.

• The Turkish lira hits its weakest level in nearly two months

The Turkish lira fell 0.5%, on Friday, to 14.95 once morest the dollar, touching its weakest level in nearly two months, as emerging market currencies fell once morest the US currency.

The lira has fallen nearly 12 percent this year, on top of the 44 percent it lost last year, largely due to a currency crisis triggered by a series of unconventional interest rate cuts.

The currency’s slide fueled inflation, which hit 70 percent in April, and put pressure on the central government’s budget following it announced a plan to protect lira deposits from currency depreciation.