Turkey's Erdogan Ousts Central Bank Chief

President Erdogan unexpectedly replaced the Central Bank of Turkey's governor, using his executive powers. This move has raised concerns about the central bank's independence and its ability to manage inflation and interest rates effectively. The Turkish lira has weakened against the US dollar, reflecting investor uncertainty. The new governor faces challenges in maintaining economic stability and credibility.

In what way did the previous Central Bank chief's policies affect inflation?

What was the economic context surrounding the interest rate cuts discussed in the text?