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Frankfurt / Main (dpa) - The Turkish lira has plummeted after the country's central bank chief was dismissed.
One US dollar was trading for 7.78 lira on Monday morning.
This means that the price has slipped by almost eight percent compared to Friday.
Last night, the price slump was even more severe at times: up to 8.47 lira had to be paid for one dollar.
This put the Turkish currency just below the record low that was reached last November at 8.57 lira for one dollar.
The trend was also evident in trading with the euro.
In the morning, 9.25 lira were paid for one euro, which corresponded to a price drop of almost eight percent.
The record low was also reached here last November at 10.20 lira for one euro.
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The trigger for the rapid decline is a change at the top of the Turkish central bank.
On Saturday night, Turkish President Recep Tayyip Erdogan dismissed central bank chief Naci Agbal.
The decision came just a few days after the Turkish central bank had surprisingly raised the key interest rate by 2.0 percentage points to 19.0 percent.
The new head of the central bank is Sahap Kavcioglu, a former member of Erdogan's ruling party, the AKP.
During his short term in office, Agbal tried to get the drastic inflation in Turkey under control by raising interest rates.
Erdogan, on the other hand, had repeatedly spoken out in favor of low interest rates.
Agbal had only been appointed head of the central bank in early November.
© dpa-infocom, dpa: 210322-99-919883 / 2