Lira exchange rate plummets against the dollar 
The lira rate plummets against the dollar after the Central Bank decided to cut its key rate. This is evidenced by the trading data.
The Lira fell more than two percent against the dollar. At the time of writing, one dollar is trading at 10.85 lira, and the daily maximum was 10.9 lira – a new anti-record for the Turkish currency over the past 10 years. The fall occurred against the background of the decision of the Central Bank of Turkey to cut the key rate from 16 to 15 percent with inflation at 20 percent.
The head of the Central Bank Shahap Kavdzhioglu promised to keep the key rate above inflation in order to slow down the rise in prices. However, President Recep Tayyip Erdogan is confident that the high cost of borrowing contributes to higher prices, while the low key rate, on the contrary, restrains inflation. This opinion is at odds with the classical ideas of economists about the mechanism of the key rate.
Erdogan fired three predecessors of Kavdzhioglu and three regulator officials who voted against the rate cut, so the head of the Central Bank has to reckon with the president's opinion. Experts and the Turkish opposition are confident that due to pressure from Erdogan, the Central Bank is forced to lower the rate, despite accelerating inflation and the fall of the national currency. At the same time, the president still believes in the loyalty of his chosen monetary policy. On the eve of November 17, Erdogan promised to continue cutting the key rate and said that he was not on the way with those who defend the high cost of borrowing. The President called the high key rate a popular misfortune and the reason for the record inflation.