Turkey's plunging lira: don't expect an end to this saga soon

By Emre Tarim, Lecturer in Behavioural Sciences, Lancaster University

The Turkish lira has once again made global headlines, with a steep drop of 15% on March 22, running from below 7.20 to the US dollar to over 8.28, before settling just below 8.00. This came on the back of a midnight decree on March 19 by the Turkish president, Recep Tayyip Erdoğan, to sack Naci Ağbal, the governor of the central bank.

This is the third time Erdoğan has sacked a governor since being elected the first executive president of Turkey in June 2018. Such a turnover of governors in the age of

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