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Turkish lira drops to near record lows after Central Bank trims policy rate

The move came following pressure from the Turkish president.
People stand in front of a exchange office at Laleli in Istanbul, on March 22, 2021.

Ceding to pressure from President Recep Tayyip Erdogan, Turkey's central bank trimmed its policy rate by 100 basis points to 18% on Thursday, in an apparent bid to stimulate the economy in the midst of high inflation and mounting popular discontent at giddying prices. 

The embattled Turkish lira tumbled against major currencies, dipping as far as 8.74 to the dollar, a near-record low.

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