Turkey investors shaken by central bank governor firing

FT News Briefing

Forhecz Topher

News, Unknown, News & Politics, Daily News

4.4 • 1.2K Ratings

🗓️ 23 March 2021

⏱️ 9 minutes

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Summary

Investor confidence in Turkey is shaken by the shock dismissal of the head of the central bank and the appointment of a new central banker with unorthodox ideas on how to tackle the country’s economic challenges, the increased production of the Covid-19 vaccine is creating shortages of other medicines, and Goldman Sachs bows to workplace complaints by junior bankers.

Turkey’s lira tumbles after Erdogan sacks central bank chief

https://www.ft.com/content/6be3efd1-a8e9-47a8-abac-966db2d3cf93

Push to make Covid vaccines causes US drug shortages

https://www.ft.com/content/b3ac261e-2675-4679-9356-53aa6d812ad7

David Solomon commits to Saturdays off for Goldman Sachs bankers

https://www.ft.com/content/58ca979f-3110-4613-8f85-81d8704cd4ad

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Transcript

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0:00.0	Good morning from the Financial Times.
0:04.0	Today is Tuesday, March 23rd, and this is your FT News Briefing.
0:09.0	Investors are spooked by the sudden replacement of Turkey's Central Bank Governor.
0:13.0	The push to produce COVID-19 vaccines in the U.S. is creating a shortage of other drugs,
0:19.0	and Goldman Sachs responds to some vocal and overworked young bankers.
0:24.0	I'm Lila Raptopoulos, in for Mark Filipino.
0:27.0	And here's the news you need to start your day.
0:31.0	Investors were thrilled when Turkey's Central Bank Governor raised interest rates sharply last week.
0:37.0	It gave them hope that the currency could recover from historic lows.
0:41.0	But the excitement was short-lived.
0:43.0	Over the weekend, President Rezhip type Erdogan abruptly sacked the governor,
0:47.0	and on Monday, the Lyra plummeted.
0:50.0	Our markets editor, Katie Martin, is here to explain why.
0:53.0	Hi, Katie.
0:54.0	Hey, how you doing?
0:55.0	So what's the story here?
0:56.0	Investors seem to like the central bank chief, Naji Abel.
1:00.0	Why did Erdogan fire him and why did markets react so strongly?
1:04.0	As you pointed out, there was a large rise in interest rates last week from the Turkish Central Bank under Arbol.
1:11.0	It was two percentage points, which is a lot, and it's a lot more than the markets were expecting.
1:16.0	And this is a big deal because it really helps to support the Lyra.
1:19.0	It really helps to bring down inflation.
	...

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