Turkish lira weakens 2.1% after cenbank governor dismissed

The Turkish lira was 2.1% weaker against the dollar on Monday after President Tayyip Erdogan dismissed the central bank governor, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy.

At 0418 GMT, the lira stood at 5.7525 against the U.S. currency, having weakened as far as 5.8245 in early Asian trade.

Governor Murat Cetinkaya, whose four-year term was due to run until 2020, was replaced by his deputy Murat Uysal, a presidential decree published early on Saturday in the official gazette showed.