Lira just got smashed by Turkey's central bank

As widely expected, the Central Bank of the Republic of Turkey has elected to hold rates.

All three main rates have been left held, and that's seen the lira slide against the dollar.

The central bank has been under intense political pressure to maintain rates, with the country's economy minister Nihat Zeybekci saying that "the people and the state have no intention of raising interest rates" on Saturday.

Along with the decision to hold policy, the central bank has made hawkish remarks about inflation, warning that it will remain above target.