Erdogan Rids Turkey Interest-Rate Panel of Opponents to Cuts

Turkish President Recep Tayyip Erdogan fired three members of the central bank’s interest-rate setting committee in a midnight decree after meeting with Governor Sahap Kavcioglu on Wednesday evening. The lira dropped to a record low against the dollar.

Erdogan removed deputy governors Semih Tumen and Ugur Namik Kucuk, along with Monetary Policy Committee member Abdullah Yavas, according to the decree. He appointed Taha Cakmak as deputy governor and Yusuf Tuna as an MPC member.