Turkey's lira traded flat against the dollar on Thursday, ahead of the new central bank governor's first rate decision, where the bank is expected to maintain its policy rate at 19%. Last month, the lira weakened to near its record lows after President Tayyip Erdogan appointed Sahap Kavcioglu as central bank governor, replacing his predecessor in a shock decision.
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Asian markets faced a fresh stress test on Monday as a plunge in the Turkish lira lifted the safe-haven yen and blunted risk appetite, although the fallout so far looked to be relatively contained. The dollar was trading almost 15% higher on the lira at 8.3000 after President Tayyip Erdogan shocked markets by replacing Turkey's hawkish central bank governor with a like-minded critic of high interest rates.