Turkish Lira plummets due to politics

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Source: Dukascopy Bank SA


On Monday, the Turkish Lira plummeted in value, as the USD/TRY currency exchange rate jumped by 17.07%. In addition, take into account that the rate almost reached the 2020 high level.



The event was caused by the President of Turkey Tayyip Erdogan firing the Head of the Turkish Central Bank Naci Agbal and replacing him with Sahap Kavcioglu. Agbal was a hawkish central bank manager, who kept the value of the Lira high. On the other hand, the incoming Kavcioglu is known for being a critic of high interest rates.
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