Turkish Lira Slips toward Record Low in Post-rate-Cut Selloff

A woman walks past a board displaying exchange rates at a currency exchange office in Istanbul, Türkiye, 18 August 2022. (EPA)

Türkiye's lira slid towards an all-time low on Friday as traders continued selling the currency after the previous day's surprise central bank interest rate cut in the face of near 80% inflation.

Analysts and bankers said Thursday's cut to 13% from 14% was the central bank leaping on booming and potentially record tourist revenue, and also suited President Tayyip Erdogan's long-term drive for lower borrowing costs.