Another morning, another massacre for the Turkish lira.
It hit new all-time lows against the dollar this morning, falling below $2.25.
That's despite Turkey's fairly fresh faced economy minister Nihat Zeybekci saying on Saturday that "we couldn't couldn’t create an economic crisis in Turkey even if we wanted to, it’s that strong," according to BloombergHT.
The troubled currency has been in danger since talking of US Federal Reserve tapering ramped up last year. That prompted fears of capital outflows from Turkey, as a member of the so-called Fragile Five.
A recent graft probe has hit the political stability of Prime Minister Recep Tayyip's administration (pictured), hardly helping matters.
Tomorrow will see a Central Bank of the Republic of Turkey meeting, and while investors are hoping for rate hikes, the central bank is politically restrained.
Zeybekci said on Saturday that "the people and the state have no intention of raising interest rates."
Today's challenge in financial tweeting is 'pressing Send' before lira drop renders tweet out of date. #liraaargh— Paweł Morski (@Pawelmorski) January 20, 2014