Turkish lira is falling and falling, Erdogan comforts himself with religion: As a Muslim I will do what I must

The value of the Turkish currency, the lira fell by 5 percent Monday against the US dollar.

The decline of the Turkish lira comes a day after Turkish President Recep Tayyip Erdogan reiterated his stance that he would not raise interest rates in order to stabilise the value of the national currency.

Erdogan has forced the Turkish Central Bank to lower interest rates, despite inflation reaching over 20 percent.

Economists believe this policy can cause inflation to rise by over 30 percent in the coming months.

But, Erdogan said on December 19th that his Islam faith prohibits him from supporting increased interest rates.

They're complaining that we're lowering interest rates. Do not expect anything else from me”, Erdogan said.

“As a Muslim, I will continue to do what religion” directs me, he added.

According to Islamic faith, Muslims are forbidden to take in or impose interest in borrowed or borrowed money.

Turkish lira in the past three months has lost more than half its value.