Calls to Buy the Lira Turn Into Confessions of Shock and Loss
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One after the other, banks pulled their recommendations to buy the lira.
Societe Generale SA, Royal Bank of Canada and Credit Agricole reversed their calls for gains in the lira following the ouster of Turkey’s central bank governor. The lira slumped against all of the world’s major currencies as President Recep Tayyip Erdogan’s decision to replace Murat Cetinkaya fueled concern that interest rates will be lowered faster than warranted.