Turkish President Tayyip Erdogan sacked the central bank governor for refusing t...
ANKARA - Turkish President Tayyip Erdogan sacked the central bank governor for refusing the government’s repeated demands for rate cuts, Hurriyet newspaper on Sunday quoted Erdogan as telling a meeting with his party’s lawmakers.
“We told him repeatedly in economy meetings that he should cut rates. We told him that the rate cut would help inflation to fall. He didn’t do what was necessary,” Erdogan was quoted as saying. “The sacking of the governor of the CBRT by presidential decree shows that Erdogan is in charge of monetary policy,” said Wolfango Piccoli, of the London-based political risk consultancy Teneo.
A senior Turkish economist also said Erdogan’s surprise dismissal of Cetinkaya could further undermine perceptions of the bank’s independence. FILE PHOTO: Turkey's central bank governor Murat Cetinkaya speaks during a brief ceremony at which he officially took over from outgoing governor Erdem Basci in Ankara, Turkey, April 19, 2016. REUTERS/Umit Bektas//File Photo
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