Turkey President Recep Tayyip Erdogan has fired the Turkish central bank governor following a series of currency declines.

According to media reports, the Turkish currency, lira, has depreciated since the beginning of the year, falling by a record 30 percent.

Turkish President Recep Tayyip Erdogan has removed the central bank governor Murat Uysal and appointed Naci Agbal, an Erdogan ally who served as finance minister from 2015 until 2018 as governor over the currency's continued depreciation.

As per details, the central bank governor has been immediately removed from office under a presidential decree, however, no other clear reason has emerged for his removal.

The Turkish lira plunged by a record 8.58% against the dollar on Friday, despite the dollar depreciating due to market uncertainty caused by the US election.

According to reports, Tayyip Erdogan appointed the ousted central bank governor in 2019.Meanwhile, the new central bank governor served as Turkey's finance minister from 2015 to 2018, after which he was appointed head of the presidential directorate's strategy and budget.