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Turkish Markets Tumble After Surprise Ouster of Central Bank Chief

March 22, 2021 by Forex Winner Leave a Comment

Turkish Markets Tumble After Surprise Ouster of Central Bank Chief

Turkey’s financial markets tumbled, dragged by concerns on the country’s currency following the dismissal of its central bank chief.

  • The Borsa Istanbul Banks Index fell 9.5%. The lira weakened by more than 9%, within a few percentage points of its record-low reached on November 6 or the day before Naci Agbal was appointed.
  • Turkey’s benchmark 10-year local-currency bond rose 500 basis points to 19.06%; the 10-year benchmark dollar bond jumped 153 basis points to 7.41%; and its five-year credit-default swaps jumped by 472 basis points, the most on record.
  • Investors also sold shares of European banks connected to Turkey. Spain’s Banco Bilbao Vizcaya Argentaria SA, which owns about half of Garanti, dropped 6%.
  • President Recep Tayyip Erdogan removed Naci Gabl after just four months as governor, signifying an end to orthodox policy.
  • Agbal’s successor Sahap Kavcioglu has been a critic of recent policy rate increases, which analysts say is a major blow to investor confidence.

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