Erdoğan intervenes after Turkish lira sinks to lowest level against dollar

Turkey's president to hike minimum wage by 50% with other measures to come in attempt to stabilise currency

Turkey's president, Recep Tayyip Erdoan, has vowed to take on the currency markets after a fresh cut in his country's interest rates sent the lira plunging to its lowest ever level against the US dollar.

Erdoan said Turkey's destiny would not be determined by the level of borrowing costs or by foreign exchange speculators despite signs his unorthodox approach to running the economy was leading to rapidly rising inflation.