Its parity Turkish lira fell to a new record low against it dollar as President Recep Tayyip Erdogan prepares to decide the composition of his new cabinet and the direction of economic policy following his election triumph.

For the third day of losses in a row, the pound retreated almost against 1.5% falling to an all-time low of 20.75 against the US dollartaking its losses this year to almost 10%.

Investors are worried about the sustainability of Turkey’s unorthodox economic policies as they watch a low interest rate program championed by Erdogan.

Erdogan’s meeting earlier this week with Mehmet Simsek, a former economy czar who is respected by investors for espousing an orthodox economic policy, fueled speculation of a possible shift to more conventional policies.

“I don’t know if he will be the new finance minister or not, but any credible name is important to give a signal to the market that there is going to be a change. Actions speak louder than intentions,” said Chagri Kutman of KNG Securities.

“If it’s Mehmet Cisek or someone else with similar views, it will be a big move. But then the market will be curious to see the first move of the economic team — will there be more orthodox policies, will they do something worse, or will they do something to buy time and see how it goes?”

Economic growth in the first quarter remained strong despite the impact of the earthquake in southern Turkey, high inflation and rising living costs.

Turkey’s economy grew by 4.0 percent in the first quarter of the year, slightly more than expected, according to official data released today, despite the impact of February’s earthquakes that killed more than 50,000 people and they left millions more homeless.

First-quarter GDP rose 0.3 percent from the previous quarter on a seasonally adjusted basis, according to Turkish Statistics Institute data.