Title : Turkey's Currency Has Collapsed
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Turkey's Currency Has Collapsed
* Naci Agbal, who was sacked by Erdogan on Saturday, had served less than five months at the head of Turkey’s central bank.
* During that time he raised the country’s main interest rate by roughly 450 basis points to 19% — something that the vast majority of economists believe was necessary to tame Turkey’s high inflation and bring stability to the lira.
Turkey’s lira fell dramatically on Monday morning after President Recep Tayyip Erdogan fired the country’s central bank chief — the third to be fired in two years — sending shockwaves through the investor community.
The currency plunged more than 16% in early morning Asian trading, according to analysts, hitting 8.4 against the dollar compared to a close of 7.21 on Friday. It pared some losses to trade around 7.9 to the dollar by 11 a.m. local time, although the greenback was still up nearly 10% on the lira.
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Update #1: Turkish lira falls 15% after bank governor sacked (BBC)
Update #2: Turkey tries to control market plunge after bank chief sacked (DW)
WNU Editor: when your currency crashes by 16% in one day, you just know that bad times are coming.
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