ANKARA, Turkey – Turkey's central bank says its monetary policy committee will hold an emergency meeting as the Turkish currency, the lira, continues to weaken against foreign currencies.
The central bank said the rate-setting panel would meet Tuesday evening "to take the necessary policy measures for price stability." It said its decision would be announced at midnight.
The central bank is under pressure to support the lira by raising interest rates, despite Prime Minister Recep Tayyip Erdogan's opposition to a rate hike.
The lira reached an all-time low of 2.39 against the dollar on Monday, before recovering to 2.31 with the central bank's announcement. It has hit multiple record lows in recent weeks as investors worry about the fallout of a corruption scandal that threatens to destabilize the government.