EMLC - Turkey's president and central bank chief meet as lira sinks - Bloomberg

The plunging Turkish lira prompts an unscheduled meeting between Turkey's president, Recep Tayyip Erdogan, and the country's central bank chief, Bloomberg reports, citing an official with knowledge of the meeting. The official didn't provide details on what was discussed, and the presidency declined to comment to Bloomberg about the meeting. The currency is falling for the 11th straight day, its longest losing streak in 20 years, intensifying after the Turkey's central bank cut interest rates on Erdogan's belief that the lower interest rates will tame the country's double-digit inflation. In a statement issued on Tuesday, the central bank said it implements a floating exchange rate regime and isn't committed to any exchange rate level. Under certain circumstances, Turkey's central bank "may only intervene in excessive volatility without aiming any permanent direction." The bank warned companies and individuals about "possible losses by trading at values completely detached from economic fundamentals under

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Turkey's president and central bank chief meet as lira sinks - Bloomberg