Erdogan rids Turkey's central bank of opponents to rate cuts

The lira fell as much as 1.1% to a new record

Turkish President Recep Tayyip Erdogan fired monetary policy makers wary of cutting interest rates further, driving the lira to record lows against the dollar with his midnight decree.
 

The firing of deputy governors Semih Tumen and Ugur Namik Kucuk, along with Monetary Policy Committee member Abdullah Yavas, followed a meeting between the Turkish president and the bank’s chief Sahap Kavcioglu on Wednesday evening.

The two discussed changes to the committee and economic policy, people familiar with the discussion told Bloomberg. Kucuk was the only member of the committee who voted against Kavcioglu’s surprise rate cut last month, the people said,