The Turkish lira collapsed in the very early hours of Asia Monday trade after President Erdogan fired the central bank governor over the weekend:
Governor' Agbal's crime was a big rate hike. The new governor was appointed 4 months ago - Agbal was hiking to fight inflation and to try to restore credibility to the central bank. Lira bulls had expected rate to rise further and were comfortable being long.
Since its plunge (one of the biggest moves for USD/TRY ever) its stabilsed a little to be down circa 10% on the session now. Still a huge drop though:
