Turkey's central bank to hold emergency meeting as lira crumbles

After hitting fresh lows this morning, news that the Central Bank of the Republic of Turkey is to hold a flash meeting on 28 January is giving the embattled currency some hope.

Last week the central bank elected to hold rates, while under intense political pressure not to change course.

The currency has been suffering on multiple fronts, with the withdrawal of Federal Reserve liquidity and a domestic political scandal seeing the lira weaken substantially.

This morning saw lira hit fresh record lows, falling for 11 straight days.

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