Turkish Lira Falls 10 percent After Central Bank Governor
The Turkish currency fell by 10.79% on the first trading day after the decision of Turkish President Recep Tayyip Erdogan to replace the chairman of the country's Central Bank.
Lira at the close of trading on the Moscow Exchange on March 19 was worth 10.27 rubles. The official rate of the Central Bank of Russia as of March 20 was 10.21 rubles.
On March 18, the Central Bank of Turkey raised its key rate from 17% to 19%. After that, Mr. Erdogan fired the head of the regulator, Naji Agbal. The new chairman of the country's Central Bank was Sahap Kavtsioglu, who had previously spoken out in the media against the rate hike.