(FT) The Turkish lira reached an all-time low following the dismissal of the country’s central bank officials by President Recep Tayyip Erdogan.
In the latest round of dismissals, Erdogan dismissed two deputy governors, Ugur Namik Kucuk and Semih Tumen, after meeting the central bank head Sahap Kavcioglu.
Ugur Namik Kucuk was at the center of attention last month after becoming the only member of the monetary committee to oppose a move to cut the interest rate. Semih Tumen was reportedly to take over as the central bank chief.
Abdullah Yavas, a longstanding monetary policy committee member, was also removed. He was facing criticism and negative publicity for living in the US.
Turkish Lira has been under pressure over concerns of the country’s economic and foreign policy amid a strong dollar. The currency has now lost 59% of its value against the dollar since early 2018.
USDTRY is up +0.83%.
