Turkey’s Unravelling Economy.

The Turkish lira has been in meltdown as President Erdogan rejected warnings on the dangers of his recent interest rate cuts. He vowed that there was “no going back”. The currency, which has lost about 40 per cent of its value against the dollar since the central bank started lowering borrowing costs in September, fell to a new record low of against the dollar on Monday Trading on Turkey’s main stock exchange was halted for the second consecutive session following a 5 per cent decline for the flagship index.