Falling Turkish lira has yet to boost mineral exports
Published: Wednesday, 24 March 2021
The value of the Turkish currency dropped sharply after President Recep Tayyip Erdogan on March 21 announced the sacking of a third governor of the country’s central bank in less than two years, in a development which could make Turkish mineral exports more competitive.
Erdogan’s decision to fire Naci Agbal as
central bank governor on Saturday March 21 followed a sudden
increase in central bank rates to 19% from 17%, a move which
clashed with Erdogan’s long-standing preference
for low interest rates.
The country’s currency briefly traded at more
than 8.00 lira...