Turkey's national currency weakened to 17.1 Turkish lira to $1 on Wednesday, a record fall over the past six months, trading data at the Istanbul Stock Exchange reported.

The lira has lost nearly 2% in a day and will continue to fall in value, according to DÜNYA newspaper.

The publication reminds that the lira exchange rate was 14.75 against the dollar at the beginning of May. The overall loss of Turkish currency over the month was about 15%.

Analysts link the fluctuations in the Turkish financial markets with the statement of President Recep Tayyip Erdogan last Monday about the plans to reduce the discount rate of the Central Bank.

The Turkish Central Bank has kept the rate unchanged at weekly repo auctions at 14% since the end of 2021.