Currency record decline: Turkish president fires central bank governor

Currency record decline: Turkish president fires central bank governor

ISTANBUL: Turkish President Tayyip Erdogan has fired the central bank governor following a series of currency declines.

According to Arab media, the Turkish currency, the lira, has depreciated since the beginning of the year, falling to a record 30 percent.

Turkish President Recep Tayyip Erdogan has removed the central bank governor and appointed a former finance minister as governor over the currency’s continued depreciation.

According to media reports, the central bank governor has been immediately removed from office under a presidential decree, but no other clear reason has emerged for his removal.

Arab media say the Turkish lira depreciated by a record 8.58% against the dollar on Friday, despite the dollar depreciating due to market uncertainty caused by the US election.

According to Arab media, Tayyip Erdogan appointed the ousted central bank governor in 2019.

The new central bank governor served as Turkey’s finance minister from 2015 to 2018, after which he was appointed head of the presidential directorate’s strategy and budget.

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