ISTANBUL -- The Turkish central bank cut its key interest rate for the second straight meeting on Thursday, pushing the lira to a record low even as business leaders question the direction of monetary policy under President Recep Tayyip Erdogan.
The bank lowered the one-week repo rate to 16% from 18%, despite the lira plumbing new lows over the past several weeks. The Turkish currency weakened by nearly 3% against the dollar at one point following the Thursday decision.
