Economics

Turkey in ‘Losing Battle’ Over Lira After Surprise Rate Cut

State lenders sell $600 million after central bank lowers rate
‘Only a matter of time’ before they capitulate, Jefferies says

A thermal camera monitors passing travelers at a fever checkpoint in a Metro Istanbul station in Istanbul on April 8.Photographer: Kerem Uzel/Bloomberg

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By Cagan Koc, Constantine Courcoulas, and Kerim Karakaya

April 21, 2020 at 3:16 PM UTC

Updated on

April 23, 2020 at 6:10 AM UTC

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Turkey lowered interest rates more than forecast by most economists, forcing state banks to defend the lira to keep it from breaching a key threshold against the dollar.