ISTANBUL: Turkiye lira touched a new all-time low of 29 to the dollar on Monday and it is down 35% so far this year after authorities loosened their grip on the currency as part of a pivot to more orthodox policies.

Turkish lira at record low near 19 to the dollar

President Tayyip Erdogan - who had overseen years of unorthodoxy - reversed course in June and named a new cabinet and governor of the central bank, which has since raised interest rates to 40% from 8.5%.