The Turkish pound has fallen to a record low of more than 4,55 XNUMX per dollar as it is hit by the rise of the US currency and concerns about the central bank's ability to contain double-digit inflation and the influence of President Tayyip Erdo στηan on policy.
Since the beginning of the year, the pound has depreciated by 16,5% and is one of the worst performing emerging market currencies.
At 11:24, the Turkish currency exchange rate reached 4,5435 pounds per dollar, having earlier fallen to the low level of 4,5693 pounds.
Erdogan's comments last week, during a visit to London, that he wanted more control over monetary policy after the June 24 presidential and parliamentary elections caused a great deal of nervousness among investors.
Erdogan, who describes himself as an "enemy of interest rates", wants lower borrowing costs to boost the economy.
Investors want decisive interest rate hikes, while the central bank's reluctance to act aggressively has raised concerns that it is not independent.