The Turkish lira touched its all-time lowest level on Monday, falling to 29 lira per US dollar. 

The lira has declined by 35 percent since the beginning of the year as authorities loosened their grip on exchange rates as part of a shift towards more conventional policies. 

After adopting unconventional policies for years, Turkish President Recep Tayyip Erdoğan changed his approach in June and appointed a new governor to the central bank, which has since raised interest rates from 8.5 percent to 40 percent.