Turkey’s central bank pulled a fast one as it lowered interest rates, which may prove deleterious to Turkey’s economy and exchange traded fund (ETF).

The central bank lowered lending rate by 1% to 18.75% and cut key policy rate by .5% to 16.25% when the market generally expected the bank to leave rates unchanged, reports Polya Lesova for The Wall Street Journal.

Afterward, the Turkish lira fell 4.7% against the euro and 5% against the dollar, on top of 30% plunge against the dollar in the past three months.

In Instanbul, the IMKB-100 stock index fell 6.7% on Wednesday and has so far dropped 61% this year.

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