Erdogan used his executive powers to dismiss Murat Cetinkaya over the weekend, potentially undermining the regulator’s independence just weeks before it’s scheduled to decide on policy. Deputy Governor Murat Uysal was named as a replacement.
(July 8): The lira slumped more than 3% after President Recep Tayyip Erdogan’s shock decision to replace the country’s central bank governor fuelled concern the regulator will lower borrowing costs by more than expected.
The currency was quoted at 5.81 per US dollar as of 3.06am in Hong Kong, paring its world-beating advance over the past two months. It closed Friday in New York at 5.628 per US dollar.
