Turkey slira plunged to a record low after President Recep Tayyip Erdogan pledged to fight against interest rates, bolstering speculation that the central bank will cut borrowing costs on Thursday even as inflation increases.
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The lira dropped for a seventh day, losing as much as 3% to 10.6364 against the dollar. It is headed for its longest streak of declines in a month, having closed below the psychologically important level of 10 per dollar every day this week.
In an address to his party on Wednesday, Erdogan stated that interest rates are the cause of higher consumer prices and that they will lift the interest rate burden from citizens. Inflation is close to 20%, a level not seen since a currency crisis three years ago.
The benchmark one-week rate is expected to be cut by 100 basis points, pushing yields further below zero, according to economists. The rate has been cut by 300 basis points to 16% since September, spurring the biggest currency depreciation in emerging markets this year.
READ: Turkey Central Bank Survey Points At Another Rate Cut This Month
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