The Turkish Lira dipped to a record low against the Euro, trading for a whopping 8,91 liras on the unit on Sept. 15, a new record following 8.89 liras on the unit on Sept. 14.
Turkey's Central Bank on Aug. 19 cut the overnight limit for interbank money loans in half in an attempt to improve liquidity. The Turkish Lira has tumbled to record lows against the dollar over the last month, proving Ankara's currency interventions futile.
Turkey's banking authority lowered the mandated loan-to-assets ratio for deposit banks to 95 percent, formerly 100 percent. The relaxing of the stimulation policy follows record devaluation of the Turkish Lira against the dollar.
Turkey's lira hit a record low of 7.32 against the dollar after losing nearly 19 percent against the greenback so far this year, with growing concern that state efforts to stabilize the currency could fizzle and spark bigger problems for the country's economy.