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Turkish President Erdoğan crossed the wires in the last minutes, explaining that he dismissed Central Bank Governor Çetinkaya because he did not conform to instructions on interest rates.

“Governor would not have been dismissed if the central bank fulfilled its role properly,” ErdoÄŸan said. “You will see soon what shape interest rate policy will take.  The central bank will give greater support to the economic programme in the future.”

With the initial market reaction, the USD/TRY edged higher and was last seen trading at 5.7480, adding 0.35% on a daily basis.