Turkish lira falls to new lows after central bank officials dismissed

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Turkish Lira
Turkish Lira Image source: middle-east-online.com

The Turkish lira fell to a record low against the dollar early on Thursday, hours after President Recep Tayyip Erdogan sacked two deputy governors of the country’s central bank.

The Turkish currency has lost nearly 60 per cent of its value since 2018, making it among the worst performing currency of any emerging market.

Erdogan replaced two key officials following a special meeting with central bank governor Sahap Kavcioglu late on Wednesday. No reason for the dismissals was provided.

The Lira had been under pressure already from a surprise recent interest rate cut and high inflation.

Erdogan has replaced three central bank governors in the past two years, causing investor confidence to plummet.

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