Meanwhile Turkey’s President fires the Central Bank Governor

Today (6th July 2019), Erdogan fired the Governor of Turkey Central Bank: Mr. Murat Cetinkaya:

Turkish President Recep Tayyip Erdogan has fired the governor of the central bank and replaced him with his deputy.

No official reason was given for the sacking of Murat Cetinkaya, who had held the position since April 2016.

However, it comes amid reports of disagreements over interest rates, which the government wants to lower in a bid to boost economic growth.

The announcement has prompted renewed concern over the central bank’s independence.

Mr Erdogan has called for interest rates to be lowered, describing them as the “mother and father of all evil”. He has claimed that high interest rates cause inflation and believes that lowering them will improve growth.

Erdogan appointed the Deputy Governor with the same first name: Mr. Murat Uysal. . Uysal has issued a statement on becoming appointed saying “Bank will continue to independently implement monetary policy instruments!”:

With a decree published in Official Gazette No.30823 dated 06 July 2019, Mr. Murat Uysal has been appointed as Governor of the Central Bank of the Republic of Turkey.

Murat Uysal had been acting as Deputy Governor since 9 June 2016.

In his first statement as Governor, Mr. Uysal emphasized that the Bank will continue to independently implement monetary policy instruments focused on achieving and maintaining its primary objective of price stability in line with the duties and responsibilities granted to him by law.

Mr. Uysal stated that the Bank’s communication channels for the policies aimed at achieving price stability and financial stability will be utilized at the maximum level in the new period, and in this regard he will hold a press conference in the coming days.

The place and date of this meeting will be announced on a later date.

Really Mr Uysal? Independence?

Some more details here..

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