Erdogan dismisses the governor of the Turkish Central Bank from his position
A decree was issued by the Turkish presidency, at dawn on Saturday, to dismiss the governor of the Central Bank, Murat Uesal, from his post and to appoint Naji Aghbal, head of the Strategy and Budget Department in the presidency, as his successor.
According to the decisions signed by President Recep Tayyip Erdogan, Ibrahim anl was appointed head of the Strategy and Budget Department in the presidency, succeeding Naji Aghbal.
The former Minister of Economy, Nihad Zebekji, was appointed as a member of the Economic Policy Committee at the Presidency of the Republic.
The decree did not mention the reasons for the dismissal of Awsal 16 months after his appointment to the post.
Uisal became governor of the central bank in July 2019 when Erdogan appointed him to succeed Murad Chetin Kaya.
Nagy Agbal
Nagy Agbal held the finance portfolio from 2015 until 2018, when he was appointed head of the Presidential Strategy and Budget Directorate.
This decision comes after the Turkish lira's value fell to a record low, which exceeded 8 and a half lira against one dollar.
The lira closed at 8.5445 against the dollar on Friday, after falling to a record high of 8.58. The lira has fallen 30 percent against the dollar this year.
Erdogan has always opposed higher interest rates, and last Saturday he said he was fighting "an evil triangle of interest rates, exchange rates and inflation."
The Turkish currency has lost nearly 30 percent of its value against the dollar this year.
The markets are concerned about the continuing high inflation, which remains in double digits, and due to the decline in foreign currency reserves.
Hopes arose last month that the central bank would raise key interest rates due to the weakness of the lira, but the markets were disappointed after keeping them at their rates.
The bank surprised investors in September when it raised the key interest rate for the first time in 2018, from 8.25 to 10.25 percent.
The bank’s monetary policy committee will issue its next rate decision on November 19.
Source agencies
