Turkey's currency drops sharply as investors worry about central bank independence and economic mismanagement
The Turkish lira dropped sharply on Monday as President Recep Tayyip Erdogan’s decision to fire the governor of the central bank left investors worried about economic mismanagement in a country dealing with high inflation and sluggish growth.
The lira dropped as much as 3% against the dollar before recovering somewhat with one dollar buying 5.721 lira during morning London time. Turkey’s benchmark Borsa Istanbul 100 equities index opened lower before recovering, still down 0.67%.
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