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Turkish President Erdogan overthrows the Governor of the Central Bank



ISTANBUL – Turkish President Recep Tayyip Erdogan resigned as central bank governor when the country was besieged by a second currency crisis in two years.

In an decree released early on Saturday, Mr. Erdogan terminated the duties of Murat Uysal, who has led the organization since the summer of 2019, replacing him with Naci Agbal, a former finance minister. .

The reshuffle follows weeks of currency sell-offs that have pushed the Turkish lira down more than 30% against the US dollar this year.

This plunge, echoing the sharp fall in the lira in 2018, has prompted economists to warn, who fear it could crystallize into a balance-of-payments crisis that could affect Emerging market economy worth 740 billion USD.

Opposition politician Ali Babacan said that Erdogan must bear full responsibility for the chaotic situation. Mr Babacan, a former deputy prime minister who defected from Erdogan̵

7;s ruling party and created his rival movement in the spring, said: “Working overnight to get rid of the central bank governor is counterintuitive luster of bad governance. . “You cannot shirk your responsibility by blaming an official on nothing more than what you told him.”


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