The Turkish lira hit fresh all-time lows on Monday as President Recep Tayyip Erdogan remained insistent he will stick to his low interest rate policy.
Erdogan stated there is "no going back" from rate cuts amid criticism about his economic policies. "We're lowering interest rates. Don't expect anything else from me. As a Muslim, whatever (Islamic teaching) requires I will continue to do that," he said on Sunday, referring to Islamic finance which usually avoids lending at high interest rates.
The dollar soared 10.31% against the lira to sell for 18.166 at 17:10 pm CET. The Turkish currency has lost more than 60% over the past month and is 140% down since the start of the year.
