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TURKISH LIRA: USD/TRY has edged higher over the last hour or so following
reports that Turkish President Erdogan now has the power to appoint both the
governor and deputy governors of the Turkish central bank.
- The decree does state that central bank governors & deputy governors cannot be
removed before their term expires, although their terms have been shortened to 4
years from the previous 5.
- USD/TRY last deals at TRY ~4.7280. This is still well shy of Monday's high of
TRY4.7536 which was inspired by the announcement of the composition of Turkish
President Erdogan's new cabinet, which includes his son-in-law, who will assume
the role of Treasury & Finance Minister.
- There was no place in the cabinet for Mehmet Simsek, who was viewed as the
last steady hand in the President's previous cabinet, or for ex-finance minister