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Governor Uysal of the Central Bank dismissed
Speaking to the Reuters news agency on the removal of central bank governor Murat Uysal by President Recep Tayyip Erdogan, a senior Turkish official said the resounding change was related to the “rapid rise in the exchange rate.”
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 effect, but this also did not come true.”
Timothy Ash, a strategist at London-based Bluebay Asset Management, said: “The Uysal presidency was a complete disaster. It is true that Ağbal could not be worse than him.”
In evaluating the firing of his Twitter account, Ash said: “He made a name for himself as a good technocrat. In fact, it’s a fitting name for this job” for Naci Ağbal.
Handelsbank economist Erik Meyersson also commented that Uysal was paying the price for the country’s economic woes.
Meyersson: Erdogan ties the Central Bank’s hand
Meyersson, who used the phrase “puppet” for the position of governor of the Central Bank, argued that the real culprit was President Erdogan, who tied the hand of the Central Bank.
Due to President Erdogan’s defense of “low interest rates,” interest rate decisions made by the Central Bank were closely followed during Uysal’s 18-month administration.
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. .
The same official said, “Ağbal will make smart moves,” and stated 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 dropped the policy rate below this rate at 10.25 percent at its meeting last month caused the Turkish lira to depreciate rapidly.
