Turkey sacks central bank governor after interest rate hike

Turkey President Recep Tayyip Erdogan has fired his central bank governor Naci Agbal after the latter hiked interest rates by 2%. – EPA pic, March 20, 2021.

TURKEY fired the governor of its central bank and replaced him with economist and former ruling party lawmaker Sahap Kavcioglu, according to a presidential decree published late on Friday, in a move likely to raise concerns over the bank’s independence.

Former finance minister Naci Agbal, seen as a market-friendly figure, had only been in the position since November, when he was appointed by President Recep Tayyip Erdogan as part of an overhaul of his economic team.

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