Preparations Underway to Deliver Russian S-400 Systems to Turkey - Erdogan

Deutsche-Bank

The Turkish lira was 2.1 per cent weaker against the United States dollar today after President Tayyip Erdogan dismissed the central bank governor, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy.

"The central bank will make a major policy mistake if it cuts rates by a few hundred basis points on July 25", Rabobank strategists, including London-based Piotr Matys and Hong Kong-based Michael Every, wrote in a report.

President Tayyip Erdogan sacked Cetinkaya for refusing the government's repeated demands for rate cuts, laying bare differences between them over the timing of interest rate cuts to revive the recession-hit economy.

U.S. President Donald Trump met with Erdogan on the sidelines of last month's G20 summit in Osaka, urging him not to proceed with the purchase of Russia's advanced S-400 ground-to-air defense system.

Pictet's Chamorro put it down to the fact the central bank had been expected to cut rates anyway this month, so while new governor Uysal might may accelerate the process, policy wouldn't be that different overall.

It also could lead to political changes.

Asian shares fell on Monday (July 8) after strong USA jobs data tempered expectations for a Fed rate cut, while the Turkish lira hovered near two-week lows on worries about central bank independence.

The Turkish lira dropped by three per cent in early trading on Monday before recovering some of its losses.

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It also comes with top central banks like the U.S. Federal Reserve and European Central Bank limbering up to cut their rates, and under varying degrees of political pressure too, which is a major difference to past year.

Erdogan has frequently criticized the central bank for keeping rates high.

"Newspapers have cited Erdogan saying that Cetinkaya did not do what he was told on rates".

In a written statement on Saturday, Uysal said he would independently implement monetary policy instruments focused on achieving and maintaining the primary objective of price stability.

Cetinkaya's four-year term was due to end next year.

There were concerns about the bank's independence and also about Turkey's economy.

Investors who bought into Turkey's opportunistic $2.25 billion bond sale last week have been left baffled and battling buyers remorse after the sudden sacking of the country's central bank chief over the weekend.

Cetinkaya raised the benchmark interest rate by a total of 11.25 percentage points past year to support the lira, pushing it to the current 24 per cent.

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