Erdogan removes Turkish central bank governor

International
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

ISTANBUL (AP) — Turkey’s president has fired the central bank governor amid the country’s economic downturn.

Murat Cetinkaya was replaced by Murat Uysal, the deputy governor, in a presidential decree published Saturday. President Recep Tayyip Erdogan has the authority to make such appointments, which previously required a cabinet decision, under new executive powers that went into effect last summer.

Uysal said the central bank would continue to “independently implement monetary policy instruments” for price stability.

Centikaya was criticized last summer for acting too slowly in tightening monetary policy and raising interest rates as the Turkish lira nosedived amid a diplomatic crisis with the U.S. The central bank then raised interest rates to the current 24%, despite Erdogan’s avowed aversion to high interest rates.

The central bank’s independence is widely questioned.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Don't Miss