Lira plunged by 15% on Monday after Erdoğan replaced governor with party loyalist
Turkey’s economy has been thrown into renewed turmoil after the president, Recep Tayyip Erdoğan, sacked the head of the country’s central bank days after raising interest rates to tackle soaring inflation.
The Turkish lira plunged by almost 15% on Monday, while the Istanbul stock exchange shed a 10th of its value after the president shocked global investors by replacing Naci Ağbal with a party loyalist.
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Currency has risen 6.5% against the dollar since start of January as tighter monetary policy shores up sentiment
Water at critically low levels across Turkey after lack of rainfall leads to most severe drought in a decade
Major cities across Turkey face running out of water in the next few months , with warnings Istanbul has less than 45 days of water left.
Poor rainfall has led to the country’s most severe drought in a decade and put the megacity of 17m people close to running out of water, according to Turkey’s chamber of chemical engineers. The Ankara mayor, Mansur Yavaş, said earlier this month the capital had another 110 days’ worth in dams and reservoirs.
According to the economy minister, Albayrak (Erdogan’s groom), “everything is fine” in the economy. He was not keeping the exchange rate on purpose! However, the Turkish Lira continues to lose value every time he speaks. The dollar is based on TL 9, and the Euro on TL 10! So we get poorer while he talks. […]
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Peter Boyle reports that the Turkish military is stepping up its attack on Kurdistan Workers Party guerilla bases and self-governing Yazidi communities in Shengal.
Resignation of president’s son-in-law from government followed months of mounting challenges
President appoints ex-finance minister to role after saying country being squeezed in ‘devil’s triangle of interest and exchange rates and inflation’
The Turkish president, Recep Tayyip Erdoğan, has removed the governor of the country’s central bank from his post after the lira currency hit record lows, having lost 30% of its value since the start of the year.
The decision to replace Murat Uysal as governor was made by presidential decree and announced in the country’s official gazette early on Saturday. It was not immediately clear why Uysal was removed.
Governor Murat Uysal says the bank has reacted strongly to currency’s weakness