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Speaking to Reuters, names close to the economic administration claimed that Uysal was responsible for the huge depreciation of the lira.
Speaking to the agency, a senior official said: “The increase in currencies quickly exceeded all expectations. “There was an expectation that some steps could have an impact, but that didn’t happen either.”
According to BBC news in Turkish, London-based strategist Timothy Ash of Bluebay Asset Management said: “The Uysal presidency was a complete disaster. It is true that Ağbal cannot be worse than him ”.
Evaluating his firing from his Twitter account, Naci Ağbal’s Ash said: “He made a name for himself as a good technocrat. In fact, this is a suitable name for the job. “
“FACING A DIFFICULT TASK”
Handelsbank economist Erik Meyersson also commented that Uysal was paying the price for the country’s economic woes.
Due to President Erdogan’s defense of the “low interest rate,” interest rate decisions made by the central bank were closely followed in his 18-month administration at Uysal.
President Murat Çetinkaya, who preceded Uysal, was criticized many times by Erdogan for “keeping interest rates high” and was fired before the due date.
Speaking to the Reuters news agency, an AKP administration official said former Finance Minister Naci Ağbal faces a “difficult task” but is believed to be a powerful figure who can ease the pressure under the lira.
Murat Çetinkaya, president before Murat Uysal, who was dismissed in July 2019 / Photo: DepoPhotos
The same official said that “Ağbal will make smart moves” and claimed that Ağbal was not seen as the type of person who would accept political intervention.
Despite the Central Bank’s target of 5 percent inflation in Turkey, around 12 percent of the CPI.
The fact that the Central Bank left the policy rate 10.25 percent below this rate at its meeting last month caused the TL to depreciate rapidly.
WHO IS NACİ AĞBAL?
Naci Ağbal was born in 1968 in Bayburt. Ağbal graduated from IU’s Faculty of Political Science, Department of Public Administration, and completed his master’s degree in the General Business Management (MBA) Program at the University of Exeter, England.
Ağbal, who served as an inspector in the Ministry of Finance, deputy director of the inspection board, head of department and minister adviser in the General Directorate of Revenue, was the General Directorate of Budget and Financial Control between 2006-2009 and undersecretary of the Ministry of Finance between 2009-2015.
Naci Ağbal served as a board member of TÜPRA-200 between 2004-2006, as a board member of PETKİM AŞ in 2006 and as a board member of Turkish Airlines (THY) AŞ between 2006 and 2015. He served as a member of the Board of the University.
Ağbal, who entered the Grand National Assembly of Turkey as a deputy of AKP Bayburt in the general parliamentary elections of June 7, 2015, was also elected as a deputy of Bayburt in the general elections of November 1, 2015. Ağbal served as a member AKP MKYK and as a member of the VQA as Vice President of Economic Affairs. He served as Minister of Finance in the 64th Government. He was again appointed Minister of Finance in the 65th Government.
Ağbal, who served as President of the Presidency’s Strategy and Budget between 2018-2020 and has a good level of English, is married with 2 children.
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