Turkish lira hits record low, with Erdogan pressuring central bank over interest rates

Central Bank of the Republic of Turkey in Ankara, Turkey, April 19, 2020. (AA Photo)

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SULAIMANI — With the Turkish lira hitting record lows, Turkish President Recep Tayyip Erdogan dismissed three members of an important monetary policy committee on Thursday (October 14).

The lira has weakened 19 percent so far this year, hitting 9.19 against the US dollar on Thursday after the announcement by Erdogan.

The sackings come amid high-level disagreements over interest rates and a struggle between monetary policy-makers and the presidency and high rates of inflation.

In announcing the dismissals from central bank monetary policy committee (MPC), Erdogan also announced two replacements, according to state media.

(NRT Digital Media)