The Turkish lira fell to a new record low against the dollar on Friday as investors worry about the prospects of a further drop. 

This came after Turkish President Recep Tayyip Erdogan fired three policymakers at the Turkish Central Bank.

The Turkish currency lost as much as 0.4 percent of its value to an all-time low of 9.2250 against the US currency. It recorded 9.2100 liras at 07:52 GMT.

“These frequent shifts of central bank decision-making committee members underscore the message that Turkey’s central bank is not independent and is under enormous political pressure,” said Silva Demiralp, director of the Koç University Economic Research Forum and a former economist at the US Federal Reserve.

"The lack of credibility is making markets nervous, not only because this means they are likely to stray from their inflation target, but also because even if the bank raises rates, it will be very difficult for the increase to be effective at this point," she added.

Two of the three central bank officials dismissed on Thursday were opposed to cutting the interest rate by 100 basis points to 18 percent last month, and their dismissal was considered a prelude to further easing monetary policies as soon as possible next week.

Analysts saw the move as further evidence of political interference by Erdogan, who has previously described himself as an enemy of interest rates and often urges monetary stimulus.