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Turkish lira volatile after central bank deputy head removed

Ten days after his appointment, Turkish central bank governor Sahap Kavcioglu sought to rebuild confidence in Turkey’s markets Tuesday following another shake-up in the bank’s top managers.
A picture taken on August 14, 2018, shows the logo of Turkey's Central Bank (TCMB) at the entrance of the bank's headquarters in Ankara, Turkey.

ISTANBUL — Turkish central bank deputy governor Murat Cetinkaya was removed by presidential decree early Tuesday, March 30, sparking a fresh bout of volatility in the Turkish lira after it slid 13% following the surprise replacement of the bank’s chief 10 days earlier.

Cetinkaya was replaced with Mustafa Duman, a former Morgan Stanley executive, in a move read by analysts as an attempt to restore the central bank’s credibility among investors, though initial market reactions sent the lira to near-record lows against major currencies before it settled around 8.32 per US dollar Tuesday evening, down 1.3% for the day.

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