The Turkish currency fell 0.9 percent versus the dollar on Wednesday, increasing its year-to-date losses to 22 percent, as concerns about rising inflation were fueled by President Tayyip Erdogan’s commitment to keep interest rates low.

The lira was trading at 16.93 per US dollar at 0611 GMT, down from Tuesday’s finish of 16.7650 and closing in on a record low set on December 20 in a currency crisis precipitated by a series of unconventional interest rate cuts.