Erdogan sacks Agbal, risk of currency crisis grows

The shock decision by Turkey’s President Erdogan to sack central bank governor Naci Agbal late on Friday is likely to trigger large falls in the lira when markets open on Monday. It looks like the central bank’s (CBRT’s) efforts to fight the country’s inflation problem may come to an end, and a messy balance of payments crisis has become (once again) a real possibility.

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