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PRESIDENT OF TURKEY DISMISSES DEPUTY GOVERNOR OF CENTRAL BANK

Just days after the dismissal of head of the central bank in a decision that rattled the global markets, Turkish President Recep Tayyip Erdogan fired the deputy governor as well.

Murat Cetinkaya, a veteran banker who worked at the Istanbul stock exchange and joined the central bank in 2019, was sacked after midnight on Tuesday, the Financial Times reported, citing a presidential decree published in the country’s Official Gazette.

According to Bloomberg, Mustafa Duman, a previous board member at Morgan Stanley, was chosen as his replacement.

The news follows the dismissal of the central bank’s reformist governor Naci Agbal on March 20, which sent shock waves across markets and triggered fresh worries for millions of Turks concerned about their savings. Agbal was known for his staunch opposition against high interest rates. He was replaced by Sahap Kavcioglu, a government loyalist who shares Erdogan’s view that high interest rates drive inflation.