The Turkish Lira plunged 1.3%, setting another record low against the dollar. The prospects for the monetary policy set by Recep Tayyip Erdogan look bleak, as the Lira has fallen 27% this year, the worst performance in emerging markets, largely due to investor concerns about the Turkish president’s influence on monetary policy and what many call an early and dangerous easing cycle.

According to a Reuters poll, the Turkish central bank is expected to cut its key interest rate to 15% from 16% this week, although inflation remains close to 20%.

The country’s central bank has said inflationary pressure is temporary and has cut interest rates by 300 basis points since September.