On March 22, Turkey’s lira started plunging against the US dollar after President Recep Tayyip Erdogan fired the head of the country’s central bank.
The currency weakened about 12% from March 19 to around 8.12 per US dollar. It had slipped even further against the greenback earlier in the morning.
The lira’s decrease came after Erdogan dismissed central bank governor Naci Agbal by a presidential decree on March 20. Agbal, who served less than five months, was replaced by Sahap Kavcioglu, a banking professor and former parliamentarian for Erdogan’s ruling Justice and Development Party, known as AKP.
Erdogan-promoted approach to monetary policy based on keeping interest rates low to avoid inflation finds little understanding in MSM as mainstream outlets are now full of headlines promoting the ‘collapse’ of lira and the Turkish economy itself.
These claims contradict the reality as despite the received criticism, the Erdogan government has been so far successful in dealing with negative economic trends and strengthening Turkey’s national economy and position in the region.
According to reports, Kavcioglu, the newly appointed head of the central bank, is set to promote similar approaches. Kavcioglu was a member of parliament in AKP from 2015 until 2018, and wrote columns for the pro-government Yeni Safak newspaper. Therefore, Turkey is set to keep its current track and push forward to expand its national economy and regional position in the way that it considers the best despite ‘wise advises’ globalist economists and ‘NATO partners’.
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