Erdogan dismisses the central bank governor from his post

SANAA, March 20 (YPA) –  Turkish President Recep Tayyip Erdogan on Saturday dismissed Naji Iqbal from the presidency of the Central Bank.

The official newspaper in Turkey said that the Turkish president had appointed Sahab Kafcioglu instead, according to Reuters.

It is noteworthy that the Turkish President had appointed former Finance Minister Naji Iqbal, in November 2020, after Murat Uysal was removed from his post.

The move came after the central bank raised the interest rate by 200 basis points to 19 percent on Thursday, more than expected.

Iqbal was appointed by Erdoan, a former lawmaker for Erdogan’s Justice and Development Party (AKP), to replace Iqbal.

Iqbal, a former finance minister, has raised the key interest rate by 875 basis points since his appointment on Nov.7.

These increases halted the Turkish lira’s decline and eased economists ’concerns about the independence of the central bank in the face of Erdogan’s calls for lower interest rates.