Dec 20 (Reuters) - The Turkish lira is doomed while President Tayyip Erdogan and not the central bank determines monetary policy, with interest rates being slashed and lira plummeting. The President continues to defend policies that have resulted in lira more than halving in value in the space of a few months, raising the risk that rates will be cut further, possibly at the first monetary policy meeting of 2022 on Jan 20. read more In the wake of his Dec 19 comments USD/TRY soared to a record at 17.60. Daily ranges are now regularly wider than the monthly ranges that were trading before it became clear the central bank had lost its independence, and record highs are an almost daily occurrence. Liquidity is lost and liquidity in broader markets is waning as this year ends. There is risk of another flash crash deep into uncharted territory with a precedent in the crash that shocked on Jan 3 2019 which may see USD/TRY reach the next big technical targets at 18.83, 20.35 and 25.25. For more click on FXBUZ BUZZ BUZZ Jeremy Boulton is a Reuters market analyst. The views expressed are his own