The lira has already fallen some 40 percent against the dollar so far this year, largely due to worries about President Erdogan's influence over the economy, his repeated calls for lower interest rates despite high inflation and worsening rift with the US.
Press Release on Monetary Policy:
Recent developments regarding the inflation outlook indicate significant risks to price stability.
The Central Bank will take the necessary actions to support price stability.
Accordingly, in line with the previous communication, monetary stance will be adjusted at the September Monetary Policy Committee Meeting in view of the latest developments.
The Central Bank will continue to use all available instruments in pursuit of the price stability objective.