Turkey's lira plunges to record low against USD

Turkey's currency crisis accelerated on Friday as the lira plunged 8%, gripped by fears of an inflationary spiral brought on by President Tayyip Erdogan's unorthodox plan to slash interest rates in the face of soaring prices. The currency hit a new record low of 17.07 against the U.S. dollar, triggering direct central bank intervention in the market.

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