ISTANBUL (Reuters) – President Tayyip Erdogan abruptly sacked Turkey’s central bank chief on Saturday, two days after a sharp interest rate hike to head off inflation, replacing him with a former ruling party lawmaker and critic of tight monetary policy.
It was the third time since mid-2019 that Erdogan – who has repeatedly called for low rates – has ousted a bank governor. Analysts predicted the lira would tumble when markets reopened as the bank’s credibility took another hit.
Outgoing governor Naci Agbal, appointed less than five months ago, had won market praise by aggressively raising the policy rate by 875 basis points to 19%, the highest of any big economy. Read more…..
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Charlie Munger, Vice Chairman of Berkshire Hathaway, joins Michigan Ross Dean Scott DeRue for a conversation about Mr. Munger’s life, career journey, philanthropic legacy, and his thoughts on a few current global trends. Recorded Nov 30, 2017 in Los Angeles as part of an event for alumni of the Ross School of Business at the University of Michigan.