Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Turkish Lira Heads Lower After Erdogan Fires Finance Minister

ForexDec 02, 2021 04:16
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Bloomberg. An electronic board displays currency exchange rate information at a currency exchange bureau on Taksim square in Istanbul, Turkey, on Friday, Oct. 15, 2021. Turkish President Recep Tayyip Erdogan fired monetary policy makers wary of cutting interest rates further, driving the lira to record lows against the dollar with his midnight decree. Photographer: Moe Zoyari/Bloomberg 2/2

(Bloomberg) -- Turkey’s lira weakened following news that the country’s finance minister had been fired, although it remained within the range that it had traded at over the previous day.

The currency was around 13.34 per dollar in early Asian trading Thursday, down 0.7% from the New York close. It weakened to 13.356 late in New York trading Wednesday shortly after the news that Treasury and Finance Minister Lutfi Elvan is leaving his post after being fired by President Recep Tayyip Erdogan.

That was a paring of the day’s earlier advance and though it recovered slightly into the U.S. close, it dipped once more in the new trading day.

Elvan will be replaced with Nureddin Nebati, according to a decree published in the Official Gazette.

The firing comes amid an ongoing rift over monetary policy that has seen the currency collapsing to record lows, fueled by central bank interest-rate cuts.

 

©2021 Bloomberg L.P.

Turkish Lira Heads Lower After Erdogan Fires Finance Minister
 

Related Articles

Sterling flat versus euro after UK data boost
Sterling flat versus euro after UK data boost By Reuters - Jan 14, 2022

(Reuters) -Sterling was barely flat against the euro after rising earlier in the session on robust UK data, while it edged lower against a stronger dollar. Britain's economy grew...

Dollar Lower as Longs Head For The Exit
Dollar Lower as Longs Head For The Exit By Investing.com - Jan 14, 2022

By Peter Nurse Investing.com - The U.S. dollar weakened in early European trade Friday, heading for its worst week in more than a year as traders now consider Federal Reserve...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email