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Murat Çetinkaya, Turkey’s  Central Bank Governor, was fired on Saturday by the  Turkish President, ErdoÄŸan, for declining to obey the government’s repeated instructions for rate cuts, the Hürriyet newspaper reported. This has lead to an opening spike from 5.6275 to a high of 5.7808.

According to reports,  during a consultation meeting in Istanbul with the members of the ruling Justice and Development Party (AKP), ErdoÄŸan told of  his reasons for firing the Central Bank Governor almost a year earlier before the end of his term.

“We told him numerous times that he had to lower interest rates during meetings on economy. ‘If interest rate falls, inflation falls,’ we said to him. He did not do what was required,” Hürriyet quoted ErdoÄŸan as saying. “We weren’t on the same track,” the president added.

More to come …