Turkish lira hits record low after president dismisses central bank policymakers

Source: Xinhua| 2021-10-14 22:43:56|Editor: huaxia

ANKARA, Oct. 14 (Xinhua) -- The Turkish lira hit a new record low against the U.S. dollar on Thursday after Turkey's President Recep Tayyip Erdogan dismissed three central bank members in an overnight decree.

The lira dropped nearly 1.2 percent to 9.18 against 1 U.S. dollar on Thursday. The currency has already weakened as much as 19 percent this year.

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 percent from 19 percent.

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

KEY WORDS: Turkey,Currency