The Turkish lira hit a fresh all-time low against the dollar on Thursday after President Recep Tayyip Erdogan removed several finance officials ahead of today’s interest rate decision by the country’s central bank.
Erdogan replaced deputy finance ministers Sakir Ercan Gul and Mehmet Hamdi Yildirim with Mahmut Gurcan and Yunus Elitas, while he also fired several other senior officials in charge of public financing and economic programs and research. Despite the lira’s drop, Erdogan remains insistent the country should stick with low interest rates and analysts expect the Central Bank of the Republic of Turkey (CBRT) to further cut rates.
The dollar jumped 2.38% against the lira to go for 15.16726 at 7:51 am CET, after hitting a record 15.30425 earlier in the day.
What's happening in Tunisia?
Subscribe to our Youtube channel for updates.
