Turkish president Recep Tayyip Erdogan removed the governor of the country’s central bank Murat Uysal from his post on Saturday, and replaced him with a former finance minister, as lira has decreased to a record low.
Uysal was replaced with the former finance minister Naci Agbal after just 16 months in the post.
The decision came on the heels of the currency crisis in Turkey, as lira hit record lows, having lost 30% of its value since the start of the year.
The lira has closed at 8.544 against the US dollar on Friday after touching record low of 8.58.
“Turkey was fighting against a devil's triangle of Turkey lira interest rates, exchange rates, and inflation," Erdogan said, last Saturday, opposing high rates.
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