Bloomberg

Turkish markets slide as Agbal’s Lira exit creates turmoil

(Bloomberg) – Turkish stocks, bonds and the lira fell as the central bank chief’s shock dismissal sparked concerns that the country was heading for a fresh bout of currency turmoil. In one of the sharpest sell-offs in years, the Borsa Istanbul Index lost more than 9%, triggering circuit breakers that stopped trading. The lira also weakened more than 9%, while Turkish local and dollar bond yields rose. Investors also sold shares in European banks with ties to Turkey. Spanish Banco Bilbao Vizcaya Argentaria SA, which owns about half of the lender Garanti, fell over 7%. The turmoil underscores concern that President Recep Tayyip Erdogan’s ousting of Naci Agbal after just four months as governor marks the end of a period of political orthodoxy and briefly restored the lira’s fortune after a 20% pullback last year. Agbal’s successor, Sahap Kavcioglu, columnist and university professor, was a critic …



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