Turkish lira (TRY) to its lowest ever in the wake of President Erdogan sacking more central bank officials

News from the central bank in Turkey is here from earlier:   

Erdogan has fired members of the Bank’s monetary policy committee before, including the Governor. Erdogan’s prescription for lowering the inflation rate is to cut interest rates. Which is directly opposite to (well reasoned) orthodoxy. 

Turkey’s central bank has zero credibility on policy. TRY has been reflecting such for a good long while. Monthly candles of USD/TRY : 

News from the central bank in Turkey is here from earlier:   

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