Turkish lira slightly weaker after central bank credit measures

ISTANBUL: Turkey’s lira was slightly weaker against the US dollar on Monday after the central bank took steps to address credit availability over the weekend.

The currency stood at 18.12 as of 0542 GMT, slightly weaker from its close of 18.085 on Friday.

The currency has lost 27% of its value against the greenback so far this year.

Turkish lira leads losses after rate cut

On Saturday, Turkey’s central bank unveiled new measures to address the widening gap between its policy rate and lending rates, days after it shocked markets with a 100 basis-point interest rate cut to 13%.