Turkish News Agency reported that Turkish President Recep Tayyip Erdogan has once again sacked the head of the central bank in his country Anatolia. The resignation of the bank’s president, Naji Iqbal, was announced, Saturday, in the Turkish Official Gazette, which published a decree from Erdogan.
The decision comes a few days after the central bank raised the interest rate by two percentage points to 19 percent.
Aghbal was known to be a confidant of Erdogan when he took office in November, and was seen as someone who could restore confidence in the lira, the worst-performing currency in emerging countries. He held the position of Treasury Secretary from 2015 to 2018 and then headed the presidential office responsible for strategy and budget. to me Anatolia Sahib Kafcioglu, a former member of Erdogan’s Justice and Development Party, will be his successor.
As head of the bank, Aghbal tried to reduce high inflation rates in Turkey by raising interest rates. However, Erdogan has repeatedly insisted on keeping interest rates low.
In November, Mourad Uysal was forced to leave the square as governor of the bank. No reason was given for the exchange, but an AKP official stated that Uysal was responsible for infusing the lira.