USD/TRY: Lira slumps to 2-week lows on Erdogan’s comments

Turkey’s President Erdogan’s comments were quoted by the newspaper Sabah earlier on the day, which had a negative impact on the domestic currency.

Key Quotes:

Raising interest rates would have a negative impact on both lira and inflation

Favors the maintenance of "just the policy rate"

Meanwhile, USD/TRY rallies +1.26% to 3.8970, as the Turkish Lira slumps more-than 200-pips after President Erdogan’s comments.