Turkey’s currency plunged again Monday, rattling other vulnerable emerging markets, while the country’s central bank made policy moves that failed to assuage investors about the economy’s perilous financial condition.

The lira fell as much as 10% in early Monday trading to as low as 7.131 against the US dollar, according to FactSet. It later pared some of the losses but a defiant speech by President Recep Tayyip Erdogan hit the currency again, leaving it down 8.5% lower at 7.01 against the dollar. The lira is down more than 40% this year.