Turkey’s Lira Loses 15% of Its Value

Turkey’s lira fell some 15% to a near all-time low on Monday. The plunge came after Turkish President Recep Tayyip Erdogan over the weekend fired his central bank governor and put in his place a chief banker who shuns high interest rates.

Sahap Kavcioglu was appointed very early Saturday morning as central bank chief, Erdogan’s third appointment to the position since mid-2019. He replaces Naci Agbal, who was on the job for just five months.

The lira has lost half its value since a currency crisis in 2018.