Turkey: Central bank sacking sends lira into tailspin

  • President Erdogan sacked 3 MPC members (2 of which are deputy governors), with 6 of 7 MPC members sacked since March

  • Move solidifies Erdogan’s control of CBRT and paves the way for further rate cuts at next week’s MPC meeting

  • TRY weakness and wasted CBRT credibility will undermine disinflation process; retain Sell on local government debt

October 14th, 2021
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