On Friday, Turkey’s lira fell to an all-time low of 10 per dollar, crossing a crucial psychological threshold amid investor concerns over monetary policy after the central bank began slashing interest rates in September.

The lira, which has lost more than a quarter of its value this year, fell to a low of 10 against the US dollar, down from a close of 9.92 on Thursday.

The currency, once again the poorest performer in emerging markets this year, having lost two-thirds of its value in five years, eroding Turks’ wages alongside double-digit inflation.