03:29The value of the Turkish Lira fell sharply after the head of Turkey's Central Bank Naci Agbal was fired from his post by the country’s President Recep Tayyip Erdogan on Saturday.
The Turkish currency had fallen by as much as 15 percent on Monday following the announcement while stocks and bonds also took a tumble.
People were seen queueing at banks and at foreign exchange outlets in Istanbul as the city absorbed the news at the start of the week.
One resident, Halis Ayyıldiz, expressed calm at the developments. "In a few days, it'll be back to the way it was. There has been market unease due to the change of Central Bank president. I'm guessing it'll be all right soon,” he said.
However, Irfan Mektepli, another local resident, expressed more unease at the news. "It's like a yoyo coming down and coming up. We didn't understand why it fell. That's what happens when a ridiculous economic programme like this is run by one man, so I'm not surprised the dollar has risen so much.”
Agbal is replaced after just four months in the role by Sahap Kavcioglu, a professor and former lawmaker in the Justice and Development party.
Turkey: Lira plunges after Erdogan sacks Central Bank governor
The value of the Turkish Lira fell sharply after the head of Turkey's Central Bank Naci Agbal was fired from his post by the country’s President Recep Tayyip Erdogan on Saturday.
The Turkish currency had fallen by as much as 15 percent on Monday following the announcement while stocks and bonds also took a tumble.
People were seen queueing at banks and at foreign exchange outlets in Istanbul as the city absorbed the news at the start of the week.
One resident, Halis Ayyıldiz, expressed calm at the developments. "In a few days, it'll be back to the way it was. There has been market unease due to the change of Central Bank president. I'm guessing it'll be all right soon,” he said.
However, Irfan Mektepli, another local resident, expressed more unease at the news. "It's like a yoyo coming down and coming up. We didn't understand why it fell. That's what happens when a ridiculous economic programme like this is run by one man, so I'm not surprised the dollar has risen so much.”
Agbal is replaced after just four months in the role by Sahap Kavcioglu, a professor and former lawmaker in the Justice and Development party.
The value of the Turkish Lira fell sharply after the head of Turkey's Central Bank Naci Agbal was fired from his post by the country’s President Recep Tayyip Erdogan on Saturday.
The Turkish currency had fallen by as much as 15 percent on Monday following the announcement while stocks and bonds also took a tumble.
People were seen queueing at banks and at foreign exchange outlets in Istanbul as the city absorbed the news at the start of the week.
One resident, Halis Ayyıldiz, expressed calm at the developments. "In a few days, it'll be back to the way it was. There has been market unease due to the change of Central Bank president. I'm guessing it'll be all right soon,” he said.
However, Irfan Mektepli, another local resident, expressed more unease at the news. "It's like a yoyo coming down and coming up. We didn't understand why it fell. That's what happens when a ridiculous economic programme like this is run by one man, so I'm not surprised the dollar has risen so much.”
Agbal is replaced after just four months in the role by Sahap Kavcioglu, a professor and former lawmaker in the Justice and Development party.