The Turkish Lira: A significant decline in the value of the local currency, following Erdogan’s decision to dismiss the governor of the Central Bank


  • Justin Harper
  • BBC Economic Affairs Editor

The Turkish Lira

Photo released, Getty Images

The Turkish lira recorded a significant decline yesterday, reaching 14 percent after the dismissal of the Central Bank Governor Naji Aghbal last Saturday, before it returned and recorded some recovery this morning.

Aghbal’s policies are credited with recovering the lira from previous historic lows.

President Recep Tayyip Erdogan’s decision to dismiss Aghbal came as a surprise.

Aghbal had raised the interest rate in an attempt to combat inflation rates that exceeded 15 percent.

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