Turkish markets rattled after surprise firing of central bank head
Turkey’s lira and main stock index slid about 9% Monday as markets reacted to the surprise removal of the nation’s central bank chief amid broader political turmoil.
ISTANBUL — Turkish markets plummeted Monday after the surprise weekend dismissal of a central bank chief sparked concerns that a recent set of hawkish monetary policies favored by investors would be reversed.
Turkey’s lira temporarily fell about 15% against the US dollar in early trading Monday before recovering to 10%, trading near 8 liras per greenback through most of the day. The Borsa Istanbul’s main stock index also saw its steepest drop since 2013, losing more than 9% and triggering several trading halts amid financial turmoil.
