Just over a year after taking office, the head of the Turkish central bank has to leave his post. President Erdogan fired Uysal amid an unprecedented currency crisis.
In the midst of the Turkish lira slump, central bank chief Murat Uysal has been fired. According to a presidential decree published Saturday, Uysal has been replaced by former Treasury Secretary Naci Agbal. Uysal only took office in July 2019.
In recent months, the Turkish lira has fallen to an all-time low against the US dollar. On Friday evening, 8.52 Turkish lira was traded for one dollar. Since the beginning of the year, the Turkish currency has lost nearly 30 percent against the US dollar.
Erdogan: Turkey is fighting a “devil’s triangle”
Markets are concerned about the persistence of high inflation and the sharp fall in foreign exchange reserves. Last month it was hoped that the central bank would raise the main interest rate, but the decision was not taken.
Turkish President Recep Tayyip Erdogan is against an interest rate hike. He said last weekend that Turkey is fighting a “diabolical triangle of interest rates, exchange rates and inflation”.