The Turkish currency fell to 8.49 liras for $1.
Turkish President Tayyip Erdogan resigned the head of the country’s central bank, Murat Uysal, amid a record drop in the national currency. The relevant decree was published on Saturday in the Resmi Gazete, the official government newsletter.
“The Governor of the Central Bank of the Republic of Murat Uysal will be dismissed from his post in accordance with the legislation <…>”, – the statement says. The document says that “from now on, Nadzhi Agbal has been appointed to the post of the Head of the Central Bank”, who previously held the post of the Head of Strategic and Budget Department of the Presidential Administration, as well as the Minister of Finance of Turkey (2015-2018).
The Turkish currency updated its record low on Tuesday, falling to 8.49 lire per $1, passing the previous low (8.34 lire per $1), which was recorded on 30 October.
Earlier, Bloomberg linked the depreciation of Turkey’s national currency to concerns that Ankara might be drawn into a conflict between Azerbaijan and Armenia over Nagorno-Karabakh. The Turkish side has close relations with Azerbaijan and Erdogan has repeatedly expressed support for Baku.