Turkey's central bank to hold emergency meeting after lira hits record lows

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Turkey’s central bank will hold an emergency meeting of its monetary policy committee after the lira hit new record lows.

The bank said on its website it would release a statement at midnight on Tuesday to “assess recent developments and take necessary policy measures for price stability.”

The central bank decided last week to hold interest rates. Analysts believe it is reluctant to raise rates for fear of slowing economic growth ahead of local elections due in March.

Turkish markets have been hit by an investigation into public sector corruption involving the construction industry.