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.
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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.