Turkish lira collapsed

Turkish President Recep Tayyip Erdogan initiated a turmoil for the Turkish lira again. This happened after two of his actions. First, Erdogan appointed his son-in-law as a new economy minister, and second, he would now determine who to be appointed as the head of the central bank of Turkey. At the same time, the governor's new term will be reduced to four years.
The Turkish lira lost 3.8 percent of its value against the US dollar, to a level of 4.74 pounds, and its loss since the beginning of the year is now more than 20 percent.
The document, which has the force of a law, also provides for the president to be the deputy governor, as well as the members of the Monetary Policy Committee, who will also have a four-year mandate, Reuters reports.