“Today Turkey’s president-elect Recep Tayyip Erdogan has been sworn into office. Later today (at 21:30 Turkey time), Erdogan will announce the composition of the cabinet – an event markets will closely watch,” TD Securities analysts note. “The lira has rallied for most of the day anticipating market-friendly cabinet members. The focus will be on the economic cabinet – should it feature the likes of Mehmet Simsek or Ali Babacan, Deputy PMs in various previous administrations, TRY could receive further support in the short term.” “However, news reports of a presidential decree published today, which makes changes to the central bank law, in particular regarding the term of the governor and the appointment of deputy governors.” “The decree removes CB law Article 25 that fixes the CBRT governor’s term of office (5 years). For deputy governors it removes the clause stipulating that their appointment is a “joint decision and with recommendation of the governor”, along with the 10-year experience requirement and prohibitions on engaging in trade or having stakes in banks or companies.” “USDTRY jumped 2% up to 4.6140 on the news, but is now recovering. Yet, adverse TRY moves may follow if CB independence is compromised.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next UK PM May: Brexit transition period will not be extended FX Street 4 years "Today Turkey's president-elect Recep Tayyip Erdogan has been sworn into office. Later today (at 21:30 Turkey time), Erdogan will announce the composition of the cabinet - an event markets will closely watch," TD Securities analysts note. "The lira has rallied for most of the day anticipating market-friendly cabinet members. The focus will be on the economic cabinet - should it feature the likes of Mehmet Simsek or Ali Babacan, Deputy PMs in various previous administrations, TRY could receive further support in the short term." "However, news reports of a presidential decree published today, which makes changes to the central bank… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.