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Turkish Lira on Tuesday fell to record lows against the US dollar and the euro. This happened after the President of Turkey Recep Tayyip Erdogan said in an interview with Bloomberg that he should create the image of the president, which influences monetary policy.
This raised concerns that the central bank might face difficulties in raising interest rates in order to contain inflation.
These comments "were clearly not what investors wanted to hear," said Jamil Ahmad, currency strategist at FXTM. He also added that they pose a serious threat to the independence of the central bank.
The dollar USD / TRY, according to FactSet, increased by more than 2%, reaching a maximum of 4.4621 on Tuesday. And the pair EUR / TRY on Tuesday increased by 1.9%, to a maximum of 5.3046.