ISTANBUL: The Turkish lira firmed more than 1% on Wednesday, recovering some of its losses after President Tayyip Erdogan's surprise move at the weekend to replace the central bank governor with a critic of tight monetary policy.

The lira stood at 7.8650 against the dollar at 0607 GMT, firming from a close of 7.97 on Tuesday, after it plunged to near its record low levels on Monday. The currency is still some 8% weaker since the central bank chief switch on early Saturday.