The Turkish currency plummeted against the US dollar on Monday after President Recep Tayyip Erdogan fired the central bank governor over the weekend. The lira was down nearly 10% against the dollar from Friday’s close. Erdogan fired Naci Agbal for having hiked interest rates. He replaced Agbal with Sahap Kavcioglu, the 4th governor to lead the bank in two years. Agbal hiked rates by 200 bps.