Turkish lira could plunge 15% as Erdoğan faces market wrath for sacking bank chief

Turkish lira could plunge 15% as Erdoğan faces market wrath for sacking bank chief

The Guardian

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Removal of governor by Turkey’s president is ‘one of the worst public policy decisions in history’ and risks destabilising fragile economy

The Turkish lira could plunge up to 15% in an “ugly reaction” when financial markets reopen on Monday, analysts have warned, after president Recep Tayyip Erdoğan sacked the country’s central bank chief days after a sharp rise in interest rates.

With one expert calling the decision one of the worst public policy decisions in history, Erdoğan shocked global investors by removing the bank chief after only five months and replacing him with a party loyalist.

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