Istanbul: On Dec 13, it emerged that Turkey’s lira crashed as much as 7% to a record near 15 to the dollar. President Tayyip Erdogan’s precarious new economic policy and prospects of another rate cut are believed to be the reason. In two weeks, the central bank has disclosed its fourth market intervention. At its low watermark, the currency’s worth has left just half of its value at the onset of the year.

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