Turkey's lira plunges after Erdogan fires central bank head
CNN
Turkey's lira is plunging against the US dollar Monday after President Recep Tayyip Erdogan abruptly fired the head of the country's central bank this weekend.
The currency was trading Monday at around 8.12 per US dollar, weakening about 12% from Friday. It had slipped even further against the greenback earlier in the morning. The lira's fall came after Erdogan dismissed Turkish central bank governor Naci Agbal by way of presidential decree early Saturday. Agbal had served less than five months on the job. He was replaced by Sahap Kavcioglu, a banking professor and former parliamentarian for Erdogan's ruling Justice and Development Party, known as AKP.
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