 "Turkish President Recep Tayyip Erdogan")
The lira tumbled to another record low after Turkish President Recep Tayyip Erdogan pledged to continue cutting interest rates, referring to Islamic proscriptions on usury as a basis for his policy.
The currency weakened more than 6% to trade as low as 17.624 per dollar in early Asian trading Monday, heading for a fifth day of declines. It’s lost almost half its value over the past three months, the biggest retreat of any currency in the world over that period.
“What is it? We are lowering interest rates. Don’t expect anything else from me,” Erdogan said Sunday in televised comments
