A new decline in the value of the Turkish lira for the third day in a row

by **RamblerNash** Sun Oct 10, 2021 9:45 pm

Sunday 10 October 2021 09:37

Istanbul ( NINA ) - The Turkish lira continued to depreciate against foreign currencies for the third consecutive day.

The correspondent of NINA News Agency stated that the Turkish lira recorded a new decline this morning in the local markets, reaching 898 liras for every 100 US dollars.

Well-informed sources had said that Turkish President Recep Tayyip Erdogan had begun to lose confidence in the Governor of the Central Bank, Shehab Cavusoglu. The sources indicated that both of them did not communicate for a solution in the past weeks.

The sources added that the Turkish president was disappointed with Davutoglu as a result of delaying the interest rate cut until last month only. So far, the presidential office has not responded to requests for comment on the president's confidence in Cavusoglu.

Earlier, the Turkish president took a decision to dismiss three central bank governors in the past two and a half years following political disputes, which undermined the Turkish lira and severely damaged the credibility and predictability of monetary policy./End

https://ninanews.com/Website/News/Details?key=932073