Turkey's state banks are expected to cut loan rates by around 2% on Monday

Over the weekend the political news out of Turkey:

• Turkish President Erdogan expels 10 ambassadors, 7 of them NATO allies

In that post you'll find links to posts from earlier this month on the President also firing members of the central bank board. President Erdogan wants interest rates lowered to help fight inflation. Yes, you read that correctly, lower rates to fight rampant inflation in the country. Very foolish.

Reuters cite 3 sources for the information they convert that state banks to cut loan rates by around 200bps come Monday, Turkey time.

Turkish lira will continue its collapse.