Erdogan sacks the deputy governor of the Central Bank … and the lira is reeling

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The decree stated that Mustafa Duman was appointed to the position of deputy Governor of the Central BankWhere he held executive positions in Morgan Stanley He worked in the treasury, risk management and auditing departments during his banking career, according to a CV published by the Central Bank.

The decree did not mention the reason for the change or any additional details, and it retreated Turkish lira I touched 8.29 against the USD after the announcement.

And on March 20, the president decided Recep Tayyip Erdogan Dismissal of the former bank governor Naji Iqbal He was appointed instead Shehab KociogluWhich supports the president’s view that higher interest rates lead to an increase in inflation.

The decision led to market turmoil, amid concerns that Turkey may revert to unconventional economic policies, including imposing capital restrictions to protect its currency.

But the president’s chief economic adviser said Turkey was not considering imposing any capital restrictions.





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