The Turkish lira continued its precipitous decline against the dollar in trading on Thursday, December 16, hitting an all-time low. During morning trading, the dollar rose more than 3%, for the first time rising above 15 lira – to 15.288 lira per dollar.

Turkey’s central bank is expected to cut interest rates again this week, despite the currency collapse and soaring inflation. President Recep Tayyip Erdogan continues to put pressure on politicians to stimulate economic growth ahead of the elections in 2023, writes Reuters. Two weeks ago, he appointed a new finance minister, Nureddin Nebati, who supports a policy of low interest rates. On Wednesday, amid a record drop in the lira, Erdogan dismissed two deputy finance ministers.