LONDON (Reuters) – Credit ratings agency S&P Global said the risks of Turkey implementing capital controls were “elevated” but not the firm’s baseline scenario after the sudden sacking of the country’s central bank chief sent the lira crashing on Monday.

“Recent changes once again highlight the limited operational independence of the Central Bank of Turkey and overall low predictability of economic policy,” S&P’s analysts said.

“One of the key things to watch over the short-term, in our view, is the behaviour of domestic resident depositors and whether they increasingly convert to foreign currency in response to latest developments… Although risks are elevated, capital controls are not our baseline scenario.”