Erdogan sacks the governor of the Turkish Central Bank


The Turkish President announced, in a decree published in the Official Gazette, Saturday, March 20, the dismissal of Naci Ağbal, the governor of the Central Bank and former Minister of Finance.


Şahap Kavcıoğlu was also appointed to this position according to Erdogan’s decree.

After the devaluation of the Turkish lira and the rise in inflation four months ago, Naci Ağbal assumed the presidency of the Turkish Central Bank.

It followed a strict fiscal policy, saying it would continue until 15.61% inflation was contained.

The change in Turkey’s central bank governor came three days after the bank interest rate was raised from 17% to 19%.

According to the Associated Press, Erdogan opposes the policy of raising interest rates and claims that high rates cause inflation, and has always pressured the central bank to reduce interest rates.

Critics say the lack of central bank independence has been hit hard by political pressure.


Who is prof. Doctor. Şahap Kavcıoğlu?

Şahap Kavcıoğlu, who is now the governor of the Central Bank, is a university professor in the field of banking, in addition to being a writer for a number of Turkish newspapers.

He also served as the regional coordinator for AŞ Halk Bank. In addition, he held the position of Deputy General Manager responsible for policy, human resources and regulation at the same bank.

He also served in the Turkish Parliament as a deputy for the twenty-sixth term (Bayburt).

He is the fourth person to assume the governorship of the central bank in the past two years.

Nagy Aghbal thanked President Erdogan in his statement on his social media account.