After President Ragab Tayyip Erdogan repeated his defense of a new economic model based on lower interest rates despite an inflation rate of close to 20 percent, the Turkish lira hit its all-time low at 14 to the dollar.

The Turkish lira recorded 13.87 against the dollar at 2014 GMT, down from 12.8010 on Monday's closure.

It should be noted that the lira lost more than 46 percent of its value this year.