ANKARA (Dispatches) - Turkey’s troubled lira shed a further five percent against the dollar on Monday after President Recep Tayyip Erdogan cited Muslim teachings to justify not raising interest rates to stabilize the currency.
Erdogan has pushed the central bank to sharply lower borrowing costs despite the annual rate of inflation soaring to more than 20 percent.
Economists believe the policy could see consumer price increases reach 30 percent or higher in the coming months.