Turkish Lira gains after head of central bank is fired

Turkish Lira, one of the worst performing currencies for past few years surged 4% against dollar after president Erdogan fired head of central bank and mister of finance announced his resignation. The 4% surge came after new head of central bank Mr Agbal announced posibility of raising interest rates to combat inflation and this could happen before scheduled meeting on November 19th. He also said that main goal will be to keep lira stable which has been problem for past few years. This is positive news as president Erdogan was always against rate hikes and it could mean that he will let centrail bank do its thing. We can't expect lira to go back where it was few years ago, but with this new course we might expect more stability. (Villars, Wall Street Journal)

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