Turkish President Tayyip Erdogan said on Monday that interest rates will continue to decline in Turkey, despite the fact that in the past this led to a serious weakening of the Turkish lira against the US dollar.

"This government does not intend to raise interest rates. On the contrary, they will decrease," the Turkish president said at a press conference in Ankara.

According to Bloomberg, after the Turkish president's statement, the national currency fell by 0.9% to 16.6 lira per US dollar. This year, the currency has depreciated by 19.8%, which is the worst indicator among emerging market currencies.

Exchange rates in Turkey - Exchange-turkey.com