Categories: Latest News

President sacks Central Bank Governor

Turkey’s President Recep Erdogan has sacked the Central Bank Governor Naci Agbal for raising interest rates to check inflation and to support the lira.

Agbal, a former Finance Minister, was removed on Saturday, about four months into his term of four years.

He had the benchmark interest rate by a cumulative 875bp to 19 per cent, a move he explained would help the lira recover.

But the decision was contrary to Erdogan’s belief that higher interest rates fuel inflation. The President insists that credit stay cheap to boost economic growth.

Erdogan has tapped Sahap Kavcioglu as a replacement. The Professor of Banking was a lawmaker on the ruling Justice and Development Party.

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

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