USDTRY slumps after Erdogan fires central bank chief

Turkish lira is the best performing EM currency today. Both EURTRY and USDTRY have dropped almost 5% today. Move comes after big personal changes were made to the country's economic team over the weekend. President Recep Erdogan ousted Murat Uysal, governor of the Central Bank of the Republic of Turkey. Lira's drop to a record low is said to be the reason behind removal. Just a day later, Beret Albayrak, Turkish finance minister said that he will resign on the back of health issues.

While abrupt personal changes at such important posts are seldom seen as a positive, today's rally on TRY market may reflect markets' hope that the new economic team will do a better job then the previous one.

USDTRY slumped towards 8.00 - the lowest level since October 26 - after Erdogan ousted the central bank governor and finance minister said he will resign. Source: xStation5

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