The Turkish lira is trading at a new record level at 14.62 levels against the US dollar, to become close to the psychological level of 15,000 this morning, Monday, December 13th, in the opening session of the week, the middle of the European session, with a loss of more than 6.5% today only, amid anticipation in the markets for the Turkish Central Bank’s meeting at the end of the week current.

The markets are awaiting the Turkish Central Bank’s meeting next Thursday to announce its monetary policy and interest rates, as markets and analysts’ expectations rose that the Central Bank would continue to cut interest rates this week as well by 100 basis points to settle at 14%, in a cut for the fourth consecutive month, although the cut Interest rates since September have shown a backlash so far to inflation.

The latest data and figures issued by the Turkish government showed that inflation rose more than expected in November to 21.31 on an annual basis, the highest level in three years, despite the Central Bank cutting interest rates by 400 basis points since September. Standard & Poor’s has lowered Turkey’s credit rating from stable to negative in response to the growing risks to Turkey from currency devaluation and rising inflation.

Erdogan is promoting a new economic plan in which the priority is economic growth, credit, production and exports despite widespread criticism from political and economic opponents. Erdogan adopts the direction of the Turkish Central Bank through an economic theory contrary to all global theories, where the theory says that lowering interest rates is the way to reduce inflation and not the other way around As seen by most economists around the world.

The Turkish lira has lost more than 50% of its value since the beginning of the year as the worst performing emerging currency in the world, after the Turkish Central Bank cut interest rates in the last three meetings to settle at 15%, with high expectations to reduce it at the bank’s meeting next Thursday as well, and at the 15 levels it is considered a factor Just no time.