Turkish president Recep Tayyip Erdogan. Picture: PPO/MURAT CETINMUHURDAR/HANDOUT VIA REUTERS
The currency weakened as much as 2.1% on Thursday, erasing all the previous day’s gains, after Erdogan replaced the country’s treasury and finance minister Lutfi Elvan amid a growing rift over interest rate cuts. The central bank sold dollars on the open market on Wednesday for the first time since 2014, briefly helping to stem a sell-off that has seen the lira depreciate almost 45% in 2021.
The sell-off of the Turkish lira resumes after President Recep Tayyip Erdoğan replaces his finance minister amid a disagreement over monetary policy. The lira has now slumped more than 40% in 2021 against the dollar. The worry for investors is that the departure of Elvan, who had opposed rate cuts, will further diminish the likelihood of a quick return to orthodoxy. His replacement, Nureddin Nebati has been a deputy finance minister since 2018 and is perceived to be close to former economy adviser Berat Albayrak, a son-in-law of Erdogan.
Oh wow, flashbacks of Nene’s firing in 2015. I feel for the people of Turkey. Imagine your life savings in free fall.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Schools are not banks’: Limpopo education lashed over ‘irregular instruction’Department has asked schools to use funds for running costs to pay assistants, blaming finance minister
Source: SundayTimesZA - 🏆 47. / 51 Read more »
Elegant BMW 4 Series Gran Coupe makes SA debutIt’s a larger and more refined car than the model it replaces
Source: BDliveSA - 🏆 12. / 63 Read more »
Back to basics: Get in shape this summerHow to lose weight gained during the pandemic without breaking the bank.
Source: SowetanLIVE - 🏆 13. / 63 Read more »
EU in bid to rival China’s development programmeGlobal Gateway programme to offer emerging countries finance to offset pull of Belt and Road scheme
Source: BDliveSA - 🏆 12. / 63 Read more »
KAREN KEYLOCK: Slow transformation of SA’s fuel sector harms economic equalityBlack entrepreneurs still face challenges such as access to infrastructure, finance and markets For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Arnoldnike93 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️
Source: BDliveSA - 🏆 12. / 63 Read more »
Bidcorp reports record first-quarter trading results and gains in market shareFood services company has been able to pass on costs, offsetting inflation, labour shortages and supply-chain disruptions
Source: BDliveSA - 🏆 12. / 63 Read more »