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Keyword: naciagbal

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  • Turkish Lira Plunges After Erdogan Fires Central Bank Chief: Biggest single-day selloff in almost three years

    03/22/2021 7:59:58 AM PDT · by SeekAndFind · 9 replies
    Wall Street Journal ^ | 03/22/2021 | Caitlin Ostroff
    Turkey’s currency tumbled 9% on Monday, putting it on course for its biggest single-day selloff since 2018, following the abrupt ouster of the central bank governor last week. The lira fell to as low as 8.280 a dollar from 7.219, before regaining some ground to trade at about 7.9312 a dollar, according to FactSet. Turkey’s stocks also plunged. The turmoil comes after President Recep Tayyip Erdogan on Friday unexpectedly fired Naci Agbal, the central bank governor who had repeatedly raised interest rates in an effort to tame inflation since his appointment in November. Foreign investors say the move renewed concerns...