Turkish Lira Tumbles After Erdogan Renews Call for Unorthodox Rate Cuts

Turkey’s currency slid for the seventh day in a row, propelled by fears that the country’s central bank will allow raging inflation to overwhelm the economy.

The lira shed 2.7% of its value against the dollar Wednesday, giving the emerging market currency a slide of nearly 10% in 10 days. The lira is the worst-performing major emerging market currency of the year and is on course for its ninth consecutive year of declines, down almost 30% this year.