Central Bank’s Governor Sacked by President Erdogan as lira hit lowest in eight years | Flash News PK

Central Bank’s Governor Sacked by President Erdogan as lira hit lowest in eight years 

 

 


 

Governor replaced by presidential decree with former finance minister Naci Agbal after the currency hit record lows.

 

Turkish President Recep Tayyip Erdogan dismissed the governor of his post's central bank on Saturday and replaced him with former finance minister Naji Ajbal after the lira reached its lowest level and lost 30 percent of its value since the beginning of the year.

 

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The decision to replace Murad Uysal as governor was issued by a presidential decree, which was announced in the country's official bulletin. It was not immediately clear why Uysal was being replaced.

The lira closed at 8,5445 against the dollar on Friday after playing an all-time low of 8.58 despite the dollar's weakness, as votes were still counted in the US election.

 

Then-Deputy Governor Erdoan appointed Uysal to run the central bank in July 2019 when he fired his predecessor Murat Cetinkaya amid the president's frustration that the bank had not lowered interest rates to boost the economy.

 

Erdogan, who has described himself as an enemy of high interest rates, has repeatedly called for lower borrowing costs. Last weekend, she said Turkey is waging an economic war against those who pressure it in the "devil's triangle of interest, exchange rates and inflation."

 

Naji Ajbal was Minister of Finance from 2015 to 2018 when he was appointed head of the Presidential Directorate of Strategy and Budget.

 

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Turkey’s Milliyet newspaper reported on Thursday that finance minister Berat Albayrak had ruled out intervening to support the lira, reiterating government concerns that raising interest rates could hurt the economy.

 

Local and international Analysts are also concerned that If Joe Biden is elected as President the relations Between Turkey and US could suffer more than ever. 

 

 

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