Turkey’s lira weakened to a record low against the dollar on Monday, as investors weighed the impact of geopolitical tensions and political influence over monetary policy, Reuters reports.

The lira TRYTOM=D3 stood at 8.3840 against the dollar at 0428 GMT, hovering close to its weakest level on record of 8.3850 hit earlier in the day. The currency lost nearly 30% of its value against the greenback this year.

President Tayyip Erdogan said on Saturday that Turkey is waging an economic war against “the devil’s triangle of interest and exchange rates and inflation.”

Read original article here.