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'The last straw': Why an irked Erdogan fired Turkey's central bank chief
Politics drove Turkish President Tayyip Erdogan’s sacking of central bank chief Naci Agbal after just four months in office, six people with knowledge of the situation told Reuters, with one describing a big interest rate hike two days earlier as simply “the last straw”. Agbal’s shock dismissal by Erdogan, whose dislike of orthodox monetary policy is well-known, has pushed Turkey to the cusp of another currency crisis. The decision surprised the governor himself, who according to two of the sources worked late at the bank on Friday March 19, hours before he was fired. Senior government and central bank ... (full story)