Turkish lira weakens ahead of central bank meeting

Turkey’s lira fell some 0.5 per cent on Thursday to 16.45 against the dollar, touching its weakest level since December ahead of the central bank’s policy-setting meeting where it is expected to maintain its benchmark rate at 14 per cent.

The lira is down nearly 20 per cent this year, in addition to the 44 per cent it lost last year, largely due to a currency crisis sparked by a series of unorthodox rates cuts.