https://www.ft.com/content/86bef727-66dd-45cf-8ca6-85e846a276fd
Turkey’s president Recep Tayyip Erdogan fired the governor of the central bank on Friday just three months into his four-year term and two days after an interest rate rise imposed as the bank fought to tame inflation.
Naci Agbal, a former finance minister, had increased the benchmark interest rate by a cumulative 875 basis points since taking the helm in November, breaking with his predecessor’s policy of keeping borrowing costs low despite double-digit inflation. Most recently, the bank raised rates on Thursday twice as much as the market had expected, to 19 per cent.
USDTRY: https://www.xe.com/currencycharts/?from=USD&to=TRY
Might be about to weaken a fair bit.
Submitted March 20, 2021 at 02:30AM by mark000 https://ift.tt/3c3ZflW
