22 Mar 2021

Turkey’s currency, the Lira, has dropped 14% against the U.S. Dollar after the President, Erdogan, relieved the Central Bank’s governor of his duties. The outgoing governor’s policies were regarded by the markets as instrumental in helping the Turkish Lira rise again from historic lows. This is the third central bank governor in under two years. The news of the governor’s removal hit the Turkish stock exchange with full force, where trading was suspended for a period due to the sharp falls in share prices, and raised concerns regarding Turkey’s costs of borrowing. (Source: Reuters, Bloomberg, BBC, The Guardian, Ahram Online, MarketWatch)