The Turkish lira suffered its worst day in months on Monday after President Recep Tayyip Erdogan sacked the country’s central bank governor over a dispute about interest rates.

The currency, which had enjoyed a rally throughout May and June, was down more than 2 per cent against the dollar at 7.45am BST following the firing of Murat Cetinkaya.

In Asia trading, the currency had fallen as much as 3 per cent before trimming losses. The currency came under fresh pressure as Turkish financial markets opened on Monday morning.

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