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ISTANBUL: Turkey's lira pared some of its losses on Thursday, pulling back from a record low touched after President Tayyip Erdogan dismissed three members of the central bank's monetary policy committee (MPC).

The lira stood at 9.1325 against the dollar at 0500 GMT, still some 0.4% weaker than Wednesday's close of 9.0965. Overnight, it hit a record low of 9.19.

Erdogan dismissed deputy central bank governors Semih Tumen and Ugur Namik Kucuk, along with another MPC member, Abdullah Yavas, the Official Gazette showed on Thursday.

The currency has declined sharply since the central bank unexpectedly cut its policy rate by 100 basis points to 18% last month and the dollar firmed against other currencies.

Turkish lira sinks further into record territory vs dollar

It has weakened some 19% so far this year, driven by concerns about the credibility of monetary policy, given Erdogan's frequent calls for rate cuts.

The decline of the lira is stoking inflation via imports priced in hard currencies.

Central Bank Governor Sahap Kavcioglu said this week that the rate cut was not a surprise and had little to do with the subsequent lira sell-off.

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