Turkish lira crashes after central banker ousted by Erdogan

23 March 2021
106 Views

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

The National Interest: Why is Cyprus still divided? – Analysis
DEFENCE
shares5 views
DEFENCE
shares5 views

The National Interest: Why is Cyprus still divided? – Analysis

Panos - Apr 19, 2021

The division of Cyprus is fast approaching the half-century mark. In fact, that division has now lasted longer than that…

Research suggests ancient Greeks might have sailed to Canada
GREECE
shares9 views
GREECE
shares9 views

Research suggests ancient Greeks might have sailed to Canada

Panos - Apr 19, 2021

The ancient Greeks could have reached Canada in 56 AD – almost a millennium before the Vikings. This is according…

Condition in eastern Mediterranean dominated Dendias, Shoukry meeting in Cairo
GREECE
shares28 views
GREECE
shares28 views

Condition in eastern Mediterranean dominated Dendias, Shoukry meeting in Cairo

Panos - Apr 19, 2021

Greek Foreign Minister Nikos Dendias was cordially welcomed by Egyptian Foreign Minister Sameh Shoukry earlier on Sunday in Cairo. The…

Leave a Comment

Your email address will not be published.