The Turkish central bank’s current governor sought to reassure big foreign investors that worries about premature rate cuts were unjustified.

Iran Press/Asia:  According to Aljazeera, the currency has tumbled 17 percent since mid-March, when Turkey’s President Recep Tayyip Erdogan, long a critic of high-interest rates, ousted a hawkish and well-respected central bank chief.

But several of those on the call told Reuters news agency they were unconvinced, especially after Erdogan — seen by many to determine rates, said a day earlier that policy easing should begin in the next two months.

The president has abruptly fired three bank chiefs in two years, making the country more vulnerable to the financial crisis, they said.


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Turkey currency hits new record low, Erdogan denied