Today, the Turkish lira fell another 6% versus the dollar as President Recep Tayyip Erdogan stated he would not hike interest rates to stabilize the currency.

Erdogan is pressuring the Central Bank each month to decrease interest rates. However, according to financial analysts, inflation has surpassed 21% year on year and is expected to hit 30% in the following months.

In a statement televised late last night but videotaped on Saturday, the Turkish president claimed Islamic precepts prohibiting interest rate hikes from supporting his policies.

"As a Muslim, I shall follow the commands of my religion. When possible, inflation will be controlled, God willing," he stated.

Erdogan replied last week to a plea by Turkish businesspeople for him to take measures to avert the situation.

"The implemented policies have created new difficulties not only for business, but also for our fellow citizens," said Tusia, a Turkish employers' organization that represents approximately 85 percent of Turkey's business owners and large exporters.

"As a result, it is critical to assess the economy's damage and return to the economic principles that govern a market economy," Tusia said in a statement released by its Washington bureau.

Erdogan responded to this appeal by videotaping his remarks from last night's broadcast: "They are complaining about the interest rate reduction, but do not expect anything else from me."

Since January, the Turkish lira has lost 57% of its value versus the dollar, resulting in an uncontrollable price surge, given its reliance on imports, particularly raw materials and energy.

Commodity prices, such as sunflower oil, have risen by 50% in the last year.