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Reuters
The value of the Turkish lira fell 10% after being hit by the double whammy of announcing a rate hike and the sacking of the central bank director.
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The Turkish lira’s exchange rate fell to 10.79 in the first exchange following Turkish President Recep Tayyip Erdogan’s decision to replace the head of the country’s central bank.
The exchange rate of the lira at the close of trading on the Moscow Stock Exchange on March 19 was 10.27 rubles, while the official exchange rate of the Russian Central Bank on March 20 was 10.21 rubles.
It should be noted that the Turkish Central Bank raised the main interest rate from 17% to 19% on March 18, after which the Turkish president sacked the governor of the Central Bank, Naji Iqbal, and appointed Shehab in his place. Koçioglu, who had already made statements against the increase in the interest rate.
Source: Kommersant
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