Turkish lira continues to slide after interest rate cut

ANKARA, Turkey (AP) — The Turkish lira has slid to a record low against the U.S. dollar, a day after the Central Bank sharply cut interest rates. It was another hit after a global financial watchdog placed Turkey on a list of countries to monitor for money laundering and terrorism financing. The lira dropped to an all-time low of 9.66 against the dollar early Friday before settling at around 9.61 against the U.S. currency. The lira has lost more than 20% of its value since the start of the year. Thursday’s greater-than-expected rate cut was seen by many as further evidence of the bank’s lack of independence from President Recep Tayyip Erdogan’s government.