His political future at stake, Erdogan seeks to remake Turkey


The steps included removing the country’s reputable Central Bank governor and replacing him with an untested loyalist early Saturday, a move that triggered a plunge in the value of the Turkish lira to near record laws before settling closing at about 8 to the dollar, down 15 percent from the previous week.

Capital markets also tumbled, adding further pressure on an economy already reeling from the effects of the Covid-19 pandemic, depleted reserves and drastically reduced foreign investment.

“The move suggests no understanding of how markets work and the limited tools Turkey has at its disposal,” said Paul McNamara, investment director at London-based GAM, an asset management firm.

That same day, Ankara announced it would withdraw from the 2011 Istanbul Convention on violence against women, decrying the international agreement as a scheme to “normalise homosexuality,” which is not compatible with Turkey’s “social and family values”.


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