Turkey .. Erdogan dismisses 3 members of the Monetary Policy Committee of the Central Bank

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Turkey .. Erdogan dismisses 3 members of the Monetary Policy Committee of the Central Bank

Reuters

President Recep Tayyip Erdogan

The Official Gazette of Turkey said that President Recep Tayyip Erdogan dismissed 3 members of the Monetary Policy Committee of the Central Bank and appointed two new members and a deputy governor of the Bank.

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Turkish Central: It is wrong to link the weakness of the lira to lowering interest rates

Following the announcement, the Turkish lira fell to a new record low of 9.1375 against the US dollar.

The Turkish lira fell to a new record low against the dollar on Wednesday, extending its losses after an unexpected interest rate cut sparked a fresh sell-off.

Turkey’s central bank unexpectedly cut its key interest rate by 100 basis points to 18 percent last month in what analysts saw as fresh evidence of political interference by President Recep Tayyip Erdogan, who describes himself as an enemy of interest rates.

The Turkish currency has lost about 18% of its value against the dollar this year, exacerbating an increase in inflation to about 20%.

Source: agencies



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