Turkish Lira sinks after Tayyip Erdogan fires central bank chief

Naci Agbal replaced in late-night decree after raising rates

Turkey’s lira briefly fell 15 per cent to near its all-time low on Monday after President Tayyip Erdogan’s shock weekend ousting of a hawkish central bank governor sparked fears of a reversal of recent rate hikes.

The news is set to further rock the economy of 82 million people and could have a ripple effect on other emerging markets exposed to the lira; markets in Japan were down on Monday morning as the currency move hit long-lira traders there. 

The decline put the lira within a few percentage points of a record low reached on November 6, the day before ex-governor Naci