Turkey on Saturday fired its central bank governor as policy differences between...
ANKARA - Turkey on Saturday fired its central bank governor as policy differences between the government and the bank deepened in the face of an economic slump, volatility in the lira currency and high inflation.
No official reason was given for the sacking, but markets have speculated over recent weeks that Cetinkaya may be pushed out by the government because of his reluctance to cut rates. Two government sources told Reuters that differences between the government and the governor over the conduct of monetary policy have deepened in the past few months.
Erdogan, whose son-in-law is the finance and treasury minister, repeatedly criticised the central bank for keeping rates high. “In his first remarks, Murat Uysal, said that the communication channels would be used at the highest level in line with the price and financial stability goals,” the bank said.The Turkish government was not immediately available for comment.
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