ANKARA: President Recep Tayyip Erdogan has sacked the governor of Turkey's central bank and replaced him with his deputy, a presidential decree said Saturday , after months of tension with the government over high interest rates.
President Recep Tayyip Erdogan has repeatedly railed against high interest rates and called for them to be lowered in a bid to stimulate growth.Turkey's main interest rate is 24 per cent after the bank under Cetinkaya made an aggressive rate hike of 625 basis points last September following a currency crisis in August."I agree on the independence of the central bank but let me put it very clearly that I am against interest policies and above all, high interest rates," he said.
"As I predicted, Ankara is swiftly taking an adventurist path after losing the election," he wrote on Twitter. The new governor Uysal said he would continue to use monetary policy tools"independently" while remaining focused on ensuring price stability as his"main aim", according to a central bank statement.
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