Turkish LIRA hits record low after central bank policymakers dismissed

Turkey: The Turkish LIRA has hit a new record low against the U.S dollar after President Recep Tayyip Erdogan dismissed three central bank members.

The Turkish lira is the currency of Turkey and Northern Cyprus. One Turkish lira is subdivided into one hundred kuruş.  The lira dropped nearly 1.2 percent to 9.18 against USD 1 on Thursday after the currency had already weakened as much as 19 percent this year, according to reports

President Recep removed two deputy governors, Semih Tumen and Ugur Namik Kucuk, along with the member of the Monetary Policy Committee (MPC) Abdullah Yavas, according to a decision published in the official gazette on early Thursday. He appointed two new members, Taha Cakmak as a deputy governor, and Yusuf Tuna as an MPC member. He has fired three central bank governors in the last two and a half years over policy disagreements.

Last month, the central bank cut its policy rate to 18 percent from 19 percent. Local media reported that deputy governor Kucuk had opposed the decision to cut the main interest rate.

 

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