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Forex News: Turkish Lira Falls To 10-day Low Vs U.S.

Turkish Lira Falls To 10-day Low Vs U.S. Dollar As CB Governor Dismissed

07/08/2019 - 03:57:00 (RTTNews)

(RTTNews) - The Turkish lira dropped against the U.S. dollar in the Asian session on Monday, as President Recep Tayyip Erdogan removed its central bank governor Murat Cetinkaya amid widening rift over monetary policy.

The Lira fell to a 10-day low of 5.7849 against the greenback, from Friday's closing value of 5.6228. Next key support for the Turkish currency is seen around the 6.5 level. The removal of Cetinkaya was due to his refusal to lower rates to help revive the economy.

The move sparked worries about central bank independence, which is vital for a stable economy.

Cetinkaya was replaced by Deputy Governor Murat Uysal.

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