ISTANBUL — Turkish President Recep Tayyip Erdogan met Monday with the central bank governor, finance minister, and heads of state-owned banks after the Turkish currency hit a new record low against the U.S. dollar.

The meeting was held behind closed doors at the Vahdettin Palace in the country’s financial hub Istanbul.

The lira plummeted to 14.60 against one dollar in the morning after losing about 5 percent of its value since Friday’s close of 13.88, ahead of an expected interest rate cut this week.

Following the lastest plunge of the lira, the Turkish central bank intervened in the foreign exchange market by selling dollars for the fourth time in the past two weeks.

During the previous three interventions, the central bank has sold around 2 billion dollars to keep the lira below the threshold of 14.00.

The Turkish currency has fallen more than 45 percent in value against the greenback since the start of the year as the central bank made consecutive interest rate cuts. The bank is expected to have its next meeting on interest rates on Thursday.

The lira stood at 13.79 to the U.S. currency at 18:53 local time (1553 GMT) after the intervention.