The value of Turkey's currency, the lira, rapidly depreciated to record lows today, falling to 3.97 against the U.S. dollar. In an effort to not breach the unprecedented rate of 4 lira to 1 dollar, Turkish President Recep Tayyip Erdogan instructed his ministers to prepare urgent measures to bolster the currency over the next few days. On Nov. 21, Turkey's Central Bank cut its borrowing limits to sustain the lira's value, reduce liquidity and avoid a financial meltdown. Leading up to the next Central Bank meeting on Dec.14, Erdogan, along with other policymakers, will likely engage in a heated debate over what measures to take next. Historically, the president has been reticent to raise interest rates, preferring to meddle with his country's monetary policy in ways that restrict the Central Bank's ability to take preventative measures in step with global market dynamics.