The Turkish lira fell to a new low, losing .6%R of its value. Turkey’s currency fell to 8.88 lira to the US dollar Wednesday in the wake of an announcement by Turkish President Recep Tayyip Erdogan that he spoke to the central bank governor about cutting interest rates. The cut could come in July or August, according to reports. Higher interest rates usually help a currency.
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Ergodan has fired three central bank governors in the last two and a half years. The last governor raised interest rates by more than 2%. The lira remains one of the worst-performing currencies in the emerging markets.