Against the backdrop of the Turkish Central Bank cutting the 100-point interest rate to 14% interest, today the Turkish lira has seen a record decline, the first of its kind.

In excess of 15 lira per dollar, Turkish media reported that the lira had fallen to an all-time low, just before interest was reduced by the central bank.

The lira fell 2.9 percent to 15.25 lira for the dollar and was traded at 15.2 lira for the dollar. The US dollar rose more than double its value against the lira this year, strongly shaking the emerging Turkish market.

In the same vein, the Turkish Official Gazette announced the decision of the Turkish President, Recep Tayyip Erdogan, to replace two deputies in the Turkish Ministry of Treasury and Finance, due to the continuing record low of Turkish lira.

According to the decree, new deputies were appointed in place of Shaker Arkan Gul, Mohamed Hamdi Yildirim, Mahmoud Gyurkan and Yunus Yitash.

2021 is the worst year ever, for the Turkish lira, which lost more than 52% of its value, having fallen from 7.4 to about 15.2.