Erdogan ousts Turkey's central bank governor after rate hike

Category: World

Date: 2021-03-20T05:58:15+0000
Erdogan ousts Turkey's central bank governor after rate hike

Shafaq News/  Turkey’s President Recep Tayyip Erdogan ousts on Saturday the Central Bank Governor Naci Agbal, two days after the bank hiked interest rates to curb rising inflation and falls in the lira.

This is the third time when Erdogan has sacked a central bank governor since July 2019.

Agbal, appointed less than five months ago, is sacked two days after the bank hiked rates by a more-than-expected 200 basis points on Thursday.

Erdogan replaced him with Sahap Kavcioglu, a former member of parliament for Erdogan’s ruling AK Party and an economist who served at high-level positions in several banks.

His removal continues the rapid turnover at the bank, which has now seen four governors in less than two years.

 

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