Turkish lira drops to new low

Turkish lira drops to new low

Turkey's lira sputtered to another record low on Monday despite $6 billion in central bank interventions this month, after Turkish President Recep Tayyip Erdogan doubled down on his unorthodox low-rates policy by referring to Islamic usury doctrine.

The currency fell to as far as 17.6 to the dollar, an all-time low, and was at 17.44 at 07:47 GMT.

Inflation jumped to 21% last month and is expected to pass 30% next year, Reuters reported.

In an attempt to slow the selling and address what it called "unhealthy" prices, the central bank has intervened five times this month. Bankers' calculations show it has sold more than $6 billion from its already depleted foreign reserves.