#Turkey #Ankara #Economy
According to the Anadolu news agency, Turkish President Recep Tayyip Erdogan has fired another central bank governor after just a few months on the job, citing an overnight decree.
According to the Anadolu news agency, Turkish President Recep Tayyip Erdogan has fired another central bank governor after just a few months on the job, citing an overnight decree.
Sahap Kavcioglu, a former member of Erdogan's ruling party, the AKP, will be the new head of the central bank, according to Anadolu. The decision comes only days after Turkey's central bank lifted the key interest rate by two percentage points to 19%.
Erdogan, on the other hand, has long advocated for low interest rates, often referring to the main rate as the "mother of all evils." Last month, the annual inflation rate climbed to over 15%.
Turkey's food, in particular, is becoming increasingly costly. In February, food prices increased by 18.4% on an annualized basis.
Price increases for staple foods such as eggs, bread, sunflower oil, and cheese were large. Erdogan proposed economic reforms last week in response to political pressure on the economy.
He promised tax cuts and low-interest loans to small businesses hit especially hard by the corona pandemic. After weeks of currency depreciation, Erdogan fired Murat Uysal, Agbal's predecessor,
as central bank governor in early November, after he had only been in the role for a little over a year.
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