She becomes the first female Governor of the Central Bank of Turkey", Hardman adds. "Hafize Gaye Erkan is a former banking executive in the US having worked at First Republic Bank and Goldman Sachs. It follows the official announcement that President Erdogan has appointed a new Governor for the Central Bank of Turkey", says Lee Hardman, Senior Currency Analyst at MUFG. "The lira has resumed its sharp sell-off today resulting in USD/TRY rising up to the 23.500-level. Highlighting the political undertones to the Turkish Lira's (TRY) performance, the recent announcement by President Erdogan of a new governor for Turkey's central bank has caught the market's attention. Key Appointments in Turkey's Central Bank The GBP/TRY exchange rate is seen trading at 29.4832 and EUR/TRY is 25.2946. Influential appointments in the Central Bank of Turkey have prompted speculation on a major policy shift, while the market keenly observes potential monetary tightening efforts.Īt the time of writing, the US Dollar to Lira (USD/TRY) exchange rate is quoted at 23.4517, 0.22 percent lower on the day.
In a climate of substantial economic change in Turkey, the Turkish lira's (TRY) ongoing downward trend against the US Dollar (USD), Euro (EUR), and the Pound Sterling (GBP) has heightened.
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