How did Turkey's Economic Changes Affected Market?

How did Turkey's Economic Changes Affected Market? How did Turkey's economic changes affected the market? How did the world press and experts evaluated the events? During the last weekend Turkey's economy has witnessed many radical changes. On Saturday morning, the dismissal of CBRT President Murat Uysal and the appointment of Naci Ağbal to the presidency caused great repercussions, while a surprise came from Berat Albayrak front on Sunday. Minister of Treasury and Finance Berat Albayrak announced his resignation with a post he shared on Instagram. Although no official statement was made on this issue, Albayrak's resignation surprised the markets. Following this development, exchange rates fell to levels not seen in the last 2 years, and TL gained 5 percent. How were these sudden developments evaluated by the world press? What comments did the experts make? The Wall Street Journal, one of the major economic newspapers of the USA, interpreted Minister Albayrak's resignation as a 'surprise weekend jolt' that further fueled the uncertainty of the economy that had suffered from the currency crisis. The New York Times, also one of the leading publications of the USA, noted that Berat Albayrak was known for his connections with the White House, and that he resigned due to the weakening of the TL against other currencies and the deterioration of the economy. Pointing out that economic experts said that the Turkish lira lost 30 percent of its value this year, the newspaper stated that "bad economic policies drove the country's economy into a crisis" and that the decision to resign was announced one day after the replacement of the CBRT president. As for Bloomberg, the newspaper pointed out that the TL started with 1.7 percent gain against the US dollar, claimed that Erdogan's acceptance of the resignation could mean "a new political arrangement" in the AK Party. According to the newspaper, Berat Albayrak was described as Erdogan's "potential successor".   What Experts Say Timothy Ash, director of the international investment firm Bluebay, shared the following on Twitter: “Albayrak seems gone unless Erdogan asks him to stay for family unity. Investors, talks about who to trust in the management of Turkey's economy needed it most.” In another post, Ash evaluated this decision as "unbelievable" and suggested the possibility of a "family problem". European Bank for Reconstruction and Development (EBRD) Regional Chief Economist Roger Kelly also shared on his Twitter account, he said Turkey's economy had a very critical weekend. Kelly wrote that “It was more critical than ever, who will replace Albayrak and who will lead the economy alongside Ağbal.” Professor of Economics. Dr. Steve Hanke claimed that the change of president at the CBRT and Albayrak's resignation meant that Erdogan pressed the "panic button". Hanke stated in his post that TL was "crushed" as he said for a long time.