ANKARA, Turkey — Turkish President Recep Tayyip Erdogan on Saturday dismissed the head of the nation’s central bank after a period of high inflation and record highs for the lira.
Former Finance Minister Naci Agbal has been brought into substitute Murat Uysal, according to a presidential decree declared in the Official Gazette.
The conclusion came following the lira lost almost a third of its value since the beginning of the season – hitting a record low of 8.58 from the U.S. dollar on Friday – and yearly inflation dropped at 11.89 percent.
Uysal was appointed chairman of the central bank in July 2019 following his predecessor’s failure to cut interest rates to boost the market.
Erdogan has known for speed reductions, refuting established financial theory in which elevated prices could rein in inflation. Last weekend he explained exchange and interest rates and inflation because of the”devil’s triangle”.
Erdogan and the nation’s finance ministry, his son-in-law Berat Albayrak, have regularly blamed Turkey’s economic woes on foreign forces.
Anibal was appointed out of his previous post as head of this presidential plan and funding directorate.
His new job comes as Turkey fears worsening relations with all the U.S. should Democratic nominee Joe Biden win the presidential race.