The Turkish lira plunged more than 16% on Monday morning after President Recep Tayyip Erdogan fired the country’s central bank chief over the weekend, the third to be sacked in two years.
The lira hit 8.4 versus the dollar compared to a close of 7.21 on Friday. It pared some losses to trade around 7.9 to the dollar by 12:38 GMT, although the greenback was still up nearly 10% on the Turkish currency. The fallout from the sacking also hit shares on the Istanbul stock exchange.
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