ECONOMY

Turkish lira continues to slide after another TCMB casualty

turkish-lira-continues-to-slide-after-another-tcmb-casualty

Turkey’s lira weakened as much as 2.7% on Tuesday, bringing its losses in just over a week to more than 14%, after President Recep Tayyip Erdogan removed another central bank official from his position overnight.

The lira plunged last week after Erdogan’s sacking of former central bank governor Naci Agbal led to concern that Turkey would return to unorthodox policy and lower the policy rate prematurely.

The currency’s decline picked up pace again on Tuesday after the Official Gazette showed Erdogan had sacked Deputy Governor Murat Cetinkaya, who was appointed in mid-2019. [Reuters]