UPDATE 1-Turkish lira pares losses after touching all-time low near 11 to the dollar
(Adds analyst comment, background)
ISTANBUL, Nov 18 (Reuters) – Turkey’s lira sank to an all-time low of near 11 to the dollar on Thursday before paring some losses, ahead of a central bank meeting that is expected to cut rates further even as the currency falls sharply and inflation remains near 20%.
The lira stood at 10.85 against the dollar at 0503 GMT. It earlier slipped to 10.98, down nearly 9% from Friday’s close.
The central bank decision is due at 2:00 p.m. local time (1100 GMT). It is expected to cut rates by 100 basis points to 15%, according to a Reuters poll.
The currency’s decline in recent weeks over concerns of further monetary easing were exacerbated on Wednesday by President Tayyip Erdogan’s comments that he will continue his battle against interest rates “to the end”.
Erdogan’s insistence on cutting rates and his frequent overhauls of the central bank’s leadership, partly over policy disagreements, have…
