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Turkey’s economy has not been doing well in recent years. While record news in dollars and euros arrives almost every day, inflation is anchored in double digits.
In the shadow of all these events, according to the President’s decision in yesterday’s Official Gazette; The president of the Central Bank of the Republic of Turkey, Murat Uysal, was removed from office. Naci Ağbal, a sensible name for economic management, was appointed to replace Uysal. Ağbal was finally the president of the Presidency of Strategy and Budget.
The new president, Naci Ağbal, replaced Murat Uysal.
After Ağbal takes office, the markets will open for the first time tomorrow. So, how will the change of president be reflected in the markets? What do the experts think on the subject?
BOLGÜN: INDEPENDENCE ACHIEVED
Associate of Professors of the University of Işık. Dr. Universe Bolgun He made statements to sozcu.com.tr about the change of position in the Central Bank.
Stating that there is not much difference in terms of optimism, Assoc. Bolgün said: “The economic situation is already clear. We constantly change the president before completing his term. From the time of Süreyya Serdengeçti until today, 26 years of experience and Durmuş Yılmaz were economists who were trained by the home bank of the Central Bank for 21 years. Erdem Başçı also had a career at the Central Bank for almost 10 years. Murat Çetinkaya is less, Murat Uysal is much less. Now, Naci Ağbal. From now on, nobody can say ‘CBRT is independent’ or something like that. Making a former finance minister the president of a party has de facto abolished independence. “ found in the description.
Işık University Professors Association. Dr. Universe Bolgun
“THERE ARE NO CHANGES TO BRING BY ABAL”
Stating that one of the major critical mistakes Murat Uysal has made recently is the negative interest policy that started before the pandemic, Evren Bolgün said: “This continued for a long time. What will Naci Ağbal do now? Will you say, ‘We didn’t increase 200 basis points last month, we made a mistake, we are increasing 600-700 basis points today’? Probably not. I don’t expect any change. Until the meeting, the exchange rate remains high. Due to the volatility of inflation, the Central Bank will not maintain the 12.1 percent target set for the end of the year. I don’t think there is any innovation that Naci Ağbal can contribute. “ I speak.
POWER IN CORPORATE CREDITABILITY
Assoc. Dr. Baki Demirel He emphasized the concept of corporate reliability in his evaluation.
Stating that you believe both Murat Uysal and Naci Ağbal have been featured will create corporate credibility and a loss of trust, Assoc. Dr. Demirel, “The functioning of the institutions must be based on rules. If not, trust will suffer. This loss of confidence can even cause serious crises, “he said.
Assoc. Dr. Baki Demirel
“BECAUSE A FAMILY NAME COMES …”
Turkey continued to increase in the problem of foreign debt and that Demirel recalled that the foreign currency indebtedness of the Treasury, “so we cannot think of a non-dependent economy means independence.” Credit expansion has a negative impact on financial stability. I don’t think the negative effects of them will diminish because a familiar name appears. “Found in the description.
“I DO NOT THINK THE INTEREST WILL INCREASE”
Noting that steps were taken to increase, not reduce, the loss of confidence, Demirel said:I believe that Murat Uysal was fired because he was unable to use uninteresting instruments effectively and that the new president will use these tools first. I don’t think it will raise interest rates. The effects of monetary policy are prolonged. Then we will wait. At first, such an easy change of the Central Bank director can be viewed negatively, not only at the national level but also at the global level. This change of president should be better explained to financial circles. Otherwise, the loss of business credibility is inevitable. “ finished his words.
The policy rate, which was 24 percent during Murat Uysal’s term, decreased to 8.25 percent and increased to 10.25 percent.
INITIALIZATION: POSITIVE UNDER NORMAL CONDITIONS
Bilgi University faculty member Prof. Dr. Cem Başlevent made a statement to sozcu.com.tr on the matter.
Prof. Başlevent said that under normal conditions, this change is not expected to be welcome in the markets.
“Because the first possibility that comes to mind is that Uysal requested an increase in interest and this was not accepted by top management.” said Prof. Başlevent said: “However, when we examine the comments made by the market experts on social media, there is a different comment. It is anticipated that with the new president it will be desired to turn a blank page, strict measures will be taken, including an increase in the interest rate, and the depreciation of the LT will end ”. said.
Member of the Faculty of Economics at Bilgi University Prof. Dr. Cem Baslevent
“WE CAN POSITIVELY CHANGE”
Başlevent said another expectation is that Naci Ağbal’s responsibility is not limited to the Central Bank and that it will have a voice in other areas of the economy. “If the effects of these expectations exceed, we can see positive changes in the markets.” used expressions.
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