The Turkish lira has dropped to a five-year record against the dollar 
During trading on Tuesday, November 16, lira fell at a record against the dollar and reached the level of 10.16 lira per dollar. This was the largest drop in the national currency in five years, Reuters points out.
The fall is due to expectations of another cut in interest rates by the country's Central Bank, which, according to analysts, is susceptible to political pressure. Overall for the year, the lira fell 27 percent, the worst in emerging markets, mainly due to investor concerns about President Tayyip Erdogan's influence on monetary policy.
this week will cut the key rate from 16 to 15 percent. Inflation in the country, according to Reuters, is now at 20 percent.
Erdogan adheres to non-standard views on the relationship between the cost of borrowing and price increases. The President is confident that the low rate will help curb inflation. This opinion contradicts the generally accepted understanding of how the key rate works. In October, Erdogan fired three central bank officials who allegedly voted against the rate cut. This led to another fall in the lyre. Opposition politicians accused Erdogan of the collapse of the national currency and asked the head of state to refrain from putting pressure on the Central Bank.