FILE PHOTO: Turkish President Tayyip Erdogan speaks during a meeting to announce an economic reform package, in Istanbul, Turkey March 12, 2021. REUTERS/Murad Sezer
ISTANBUL: Turkey's lira plunged 15% to near its all-time low after markets opened following President Tayyip Erdogan's shock weekend decision to oust a hawkish central bank governor and install a like-minded critic of high interest rates.
The appointment of Sahap Kavcioglu, a former banker and ruling party lawmaker, in the early hours on Saturday marked the third time since mid-2019 that Erdogan has abruptly fired a central bank chief.
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