With sweeping new powers, and after sacking something like 18,000 civil servants days ago, Turkish President and supreme leader Recep Tayyip Erdogan gave the top ministerial jobs to his son-in-law, Berat Albayrak - who entered parliament in 2015. Sworn in yesterday for a second term under an amended constitution, Erdogan has promised to be hands on with monetary policy, favouring keeping interest rates as low as possible. Simultaneously, by government decree, he abolished the five-year term of the central bank governor and his or her ability to have a say on members of his rate-setting committee. The lira did not react well.
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