Turkey replaces central bank head as lira sees record lows
Turkish President Recep Tayyip Erdogan has dismissed the head of the country’s central bank following a period of high inflation and record lows for the lira
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Turkish President Recep Tayyip Erdogan on Saturday dismissed the head of the country’s central bank following a period of high inflation and record lows for the lira
Former Finance Minister Naci Agbal was brought in to replace Murat Uysal, according to a presidential decree announced in the Official Gazette.
The decision came after the lira lost nearly a third of its value since the start of the year - hitting a record low of 8.58 against the U.S. dollar on Friday - and annual inflation stood at 11.89%.
Uysal was appointed chairman of the central bank in July 2019 after his predecessor failed to cut interest rates to boost the economy.
Erdogan has called for rate cuts, refuting established economic theory that high rates can rein in inflation. Last weekend he described interest and exchange rates and inflation as the “devil’s triangle”.
Erdogan and the country’s finance minister, his son-in-law Berat Albayrak, have often blamed Turkey’s economic woes on foreign powers.
Agbal was appointed from his previous post as head of the presidential strategy and budget directorate. He served as finance minister between 2015 and 2018.
His new role comes as Turkey fears worsening relations with the U.S. should Democratic nominee Joe Biden win the presidential race.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.