Turkish lira hits record low after central bank policymakers dismissed

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IANS | 15 Oct, 2021
The Turkish lira has hit a new record low against the US dollar after President Recep Tayyip Erdogan dismissed three central bank members.

The lira dropped nearly 1.2 per cent to 9.18 against $1 on Thursday after the currency had already weakened as much as 19 per cent this year, reports Xinhua news agency.

Erdogan 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.

Erdogan 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 per cent from 19 per cent.

Local media reported that deputy governor Kucuk had opposed the decision to cut the main interest rate.