Turkish lira dips to new low after another interest rate cut

By SUZAN FRASER
Associated Press

ANKARA, Turkey (AP) — Turkey’s Central Bank has again cut interest rates despite soaring consumer prices that are making it difficult for people to buy food and other basic goods. The move Thursday sent the country’s currency to record lows against the U.S. dollar. The bank cut a key rate from 15% to 14%, though inflation is running at 21%. It’s in line with the policies of President President Recep Tayyip Erdogan, who has been pressing for low borrowing costs to boost growth, exports and investments. But soaring consumer prices and the falling value of the lira have left many people struggling to make ends meet. Erdogan announced the government is increasing the monthly minimum wage by 50%.