Turkish President Erdogan has announced a 100-billion-lira ($15 billion) package of measures to support the economy
Policymakers will cut rates by at least 50 basis points to 10.25 percent, according to a Reuters poll published on Monday
The domineering president has eroded central bank independence to exert more control over the economy
Turkey has been a problem country for HSBC in recent years as volatility in the lira and economic problems have hit its returns
"Turkey’s poor external position means that the mere threat of more action would weigh on the lira and may force the central bank to reverse its easing cycle"
"The country is currently dealing with the results of several problems stemming from the public and the administration"
After having gained in recent months, the lira has been newly pressured by concerns over possibly rapid loan growth
Erdogan’s power grab was years in the making, a culmination of his distaste for high rates that’s been linked to Islamic proscriptions on usury
Country’s sovereign debt and stock market also sustain blows