Turkish lira falls to new record low against dollar in presidency Recep Tayyip Erdogan prepares to determine its composition new cabinet and direction of economic policy after his electoral victory.

The pound suffers the third day in a row. dropped almost 1.5% fell to an all-time low of 20.75 against the US dollar, leaving it with losses of nearly 10% this year.

Investors concerned about the sustainability of Turkey’s unorthodox economic policy because they are following Erdogan’s low interest rate agenda.

Meeting earlier this week Erdogan with Mehmet Simsek, a former economic “czar” who is respected by investors for supporting orthodox economic policies.prompted evaluations for possible shift to more traditional policies.

“I don’t know if he will be the new finance minister or not, but any credible name is important to signal to the market that change is coming. Actions speak louder than intentions,” said Chagri Kutman of KNG Securities.

“If it is Mehmet Cisek or someone else with similar views, it will be a big step. But then the market will be curious to see the first move by the economic team – will there be more orthodox politicians, will they do something worse, or will they do something to buy time and see how it goes?”