Turkish lira crashes after central banker ousted by Erdogan
The Turkish Lira fell as much as 17% against the dollar in Asian foreign exchange markets on Monday following a shocking decision by President Recep Tayyip Erdogan to oust the central bank governor.
The decision to purge Najib Agbal, who had sought to restore the central bank’s credibility, raises concerns that the country will once again follow a path of low-interest rates. Recent policies adopted by the country’s central bank to raise interest rates to combat rising inflation had elevated the currency to a more credible status for trade.
“The optimism was that CBRT was able to keep interest rates high for some time,” Henrik Gullberg of Coex Partners Ltd. told Bloomberg. “This is ruined now,” he said, adding that the currency could now return to levels it was a year ago.
You may be interested
Mitsotakis: Vaccination for those over 30 starts on Holy Weekmakis - Apr 21, 2021
The Prime Minister Kyriakos Mitsotakis announced in his message on Wednesday afternoon the expansion of the vaccination program to the…
Microsoft to create 3D chatbots from dead people!Panos - Apr 21, 2021
Microsoft has filed a patent that would allow the company to digitally revive deceased loved ones as chatbots, using the…
Yes, you may be reading the wrong horoscope & No, it isn’t NASA’s fault your zodiac sign changedPanos - Apr 21, 2021
There are actually 13 signs of the zodiac, and the Earth’s axis has shifted since the Babylonians codified the horoscope…