Turkish lira plunges after Erdogan sacks hawkish cenbank chief ...Middle East

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Turkish lira plunges after Erdogan sacks hawkish cenbank chief
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Turkey's lira plunged 16% to near its all-time low as markets opened after President Tayyip Erdogan made the shock weekend decision to oust a hawkish central bank governor and install a like-minded critic of high interest rates. The appointment of Sahap Kavcioglu, a former banker and ruling party lawmaker, in the early hours on Saturday marked the third time since mid-2019 that Erdogan has abruptly fired a central bank chief.

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