BREAKING: Central Bank Governor Sacked

Central Bank Governor Sacked.

OnyxNews Nigeria reports that Turkey’s Central Bank Governor, Naci Agbal has been sacked for raising interest rates to check inflation and to support the lira.

Sacked Turkey’s Central Bank Governor, Naci Agbal.

Agbal, who is also a former Finance Minister, was sacked by the country’s president, Recep Erdogan on Saturday, about four months into his term of four years.

He had the benchmark interest rate by a cumulative 875bp to 19 per cent, a move he explained would help the lira recover.

But the decision was contrary to Erdogan’s belief that higher interest rates fuel inflation. The President insists that credit stay cheap to boost economic growth.

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Meanwhile, President Erdogan has picked Sahap Kavcioglu as a replacement. The Professor of Banking was a lawmaker on the ruling Justice and Development Party.