The Turkish pound fell more than 14% following the removal of the Governor of the Central Bank of Turkey at the weekend by President Erdogan.
Naci Agbal was described as the only one who could prevent the slump and save the pound from its historic lows.
THE Erdogan but he abruptly replaced him on Saturday, making him the third central banker to see the exit door in less than two years.
Agbal took office in November, and his sudden departure shocked both local and foreign investors, who praised his monetary policy.
THE Turkish pound has been doing remarkably well lately and now everyone is worried that Erdogan’s move to replace Sahap Kavcioglu could turn things around.
“Erdonomics” characteristically called Erdogan’s particular view of economics Jeffrey Halley, market analyst at financial OANDA.
“Erdonomics’ basic belief is that higher interest rates lead to higher inflation, a theory that flies in the face of conservative economic theory,” Halley told the BBC.
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