Baku 4° C
Turkish lira plunges 17%
Finance
- 22 March, 2021
- 09:35
The Turkish lira fell 17% in Asian trade markets after President Tayyip Erdoğan decided to replace the Central Bank head, Report mentions, referring to Reuters.
The US dollar exchange rate against the Turkish currency rose from 7.22 lira to 8.34 lira on Friday and will almost renew the historical minimum shown in November last year.
On March 18, the Central Bank of Turkey raised the discount rate from 17% to 19%. After that, Erdoğan fired the head of the regulator, Naci Ağbal. The new chairman of the Central Bank was Şahap Kavcıoğlu, who had previously spoken out against the interest rate hike. Thus, he became the fourth person to be appointed head of the Central Bank in 20 months.
Author
Latest News
08:27
Stephen Miller: US ‘running Venezuela by definition'
Other countries08:15
Netanyahu said to convey message via Putin that Israel doesn't intend to attack Iran
Other countries08:07
Venezuela swears in interim president after defiant Maduro pleads not guilty in US court
Other countries00:14
Photo
President of Azerbaijan Ilham Aliyev interviewed by local TV channels
Domestic policy00:08
President Ilham Aliyev: Every time our flag was raised in a village or city, Azerbaijan for me was that land
Military23:57
Washington not at war with Venezuela, US envoy tells UN
Other countries23:55
Azerbaijani President: Governance model applied in Garabagh and East Zangezur can perhaps be applied to the entire country
Domestic policy23:52
UN chief Guterres raises concerns about instability in Venezuela, legality of US operation
Other countries23:49