Shafaq News/ The Turkish lira hit an all-time low of more than 27.236 against the US dollar on Tuesday, facing mounting inflationary pressures and a strengthening dollar. The lira's annual losses now stand at over 31 percent.

President Recep Tayyip Erdogan's steadfast support for a low-interest-rate policy, despite soaring inflation, triggered a currency crisis towards the end of 2021 and resulted in inflation surpassing 85 percent last year.

The central bank, which had refrained from intervening in the foreign exchange market to bolster the lira since June, recently reversed its course by implementing two consecutive strong rate hikes.

Despite these efforts, the lira has lost ground, depreciating by approximately 24 percent since the central bank adjusted its policy stance.