Turkey: Central bank sacking sends lira into tailspin
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President Erdogan sacked 3 MPC members (2 of which are deputy governors), with 6 of 7 MPC members sacked since March
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Move solidifies Erdogan’s control of CBRT and paves the way for further rate cuts at next week’s MPC meeting
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TRY weakness and wasted CBRT credibility will undermine disinflation process; retain Sell on local government debt
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
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