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Turkey's currency lira has fallen to an all-time low against the USA dollar amid fears of economic instability as the country heads toward crucial elections next month.

The lira fell as low as 4.8450 against the dollar early on Wednesday before recovering.

Turkey's central bank on Wednesday announced a sharp hike in interest rates to boost the embattled lira, prompting the currency to rally strongly after haemorrhaging value against the dollar in the last days just ahead of elections.

"No response has been coming so far and investors fear that Ankara is trying to hold out until the June 7th central bank meeting, if not until after the June 24th elections".

But he also argued that the currency depreciation will seriously affect businesses who deal with foreign exchange tools and will impact the economy as a whole.

Top economic officials met on Monday to discuss measures against the currency crisis.

After the steps taken by the officials, the lira recovered to 4.55 against USA dollar and 5.33 against euro after the day's record lows of 4.92 and 5.74, respectively.

"There is an unhealthy situation in prices".

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Turkish Economy Minister Nihat Zeybekci indirectly called on the Central Bank to take action before it is too late.

The continued depreciation of the Turkish currency would increase the chances of an emergency and substantial rate hike, said William Jackson, an emerging-market economist at Capital Economics, an economic research company. Governor Murat Cetinkaya said in April that he may soon finalize a plan to simplify monetary policy.

The central bank raised its late liquidity window rate by 300 basis points to 16.5 per cent, after an extraordinary meeting of its monetary policy committee on Wednesday.

Turkish lira bounced back from historic low 4.90 to 4.55 against the USA dollar after the Central Bank raised benchmark lending rate from 13,5% to 16,5% following an emergency meeting on Wednesday to prevent a full-scale currency crisis.

Rebutting government rhetoric that the money market and economy were in trouble due to conspiratorial foreign intervention, she said: "If we are under a financial and economic attack as the government claims, the biggest mistake to make is to remain indifferent to this attack".

Following the statement from Fitch, the lira on Tuesday declined to a fresh historic low of 4.66 against the dollar before bouncing back to 4.63.

"Turkey's economy grew 7.4 percent previous year and is still maintaining a growth trend at this level".