Cash In

Turkey's lira slid 15% to near its all-time low on Monday after President Tayyip Erdogan's shock weekend decision to oust a hawkish central bank governor sparked fears of a reversal of recent rate hikes and undermined the bank's credibility.

The appointment of Sahap Kavcioglu, a former banker and ruling party lawmaker, in the early hours on Saturday marked the third time since mid-2019 that Erdogan has abruptly fired a central bank chief.

Kavcioglu sought to ease concerns about a sharp selloff in Turkish assets and a pivot from rate hikes to cuts, telling bank CEOs on Sunday he planned no immediate policy change, a source told Reuters.