It’s Official: Erdogan Gets New Record Low For Lira

It's official: Recep Tayyip Erdogan succeeded in vaporizing all of the lira's gains logged under Naci Agbal's brief tenure as central bank chief. Agbal, who replaced Murat Uysal in November during a shakeup designed to restore market confidence, was ousted on March 19. His dismissal was a flagrant assault on monetary policy credibility, a scarce commodity in Erdogan’s Turkey. As I put it at the time, the brazen move represented nothing short of an open-handed slap to the face to anyone who w