Erdogan fired 3 fiscal policy committee members

Turkey’s President Tayyip Erdogan dismissed three central bank monetary policy committee members on Thursday.

Erdogan appointed two new members in their place according to the Turkish Official Gazette, sending the lira to new record lows. Erdogan appointed Taha Cakmak as a deputy central bank governor and Yusuf Tuna as an MPC member.

Those dismissed were deputy governors Semih Tumen and Ugur Namik Kucuk, and another MPC member, Abdullah Yavas.

The lira weakened to a record low of 9.1900 against the dollar after the publication of this news, recording a loss of 1% on the day. It has weakened about 19% so far in 2021 driven by concerns about the Turkish fiscal policy.