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The Turkish lira plunged to an all-time low of 14 against the dollar after President Recep Tayyip Erdogan repeated his defense of a new economic model based on lower interest rates despite inflation approaching 20 percent.

The Turkish lira recorded 13.87 against the dollar at 2014 GMT, down from 12,8010 at the close on Monday.

The lira has lost more than 46 percent of its value this year.