Turkey’s Central Bank Governor dismissed by President Erdogan after 132 days in office

The head of the Central Bank of the Republic of Turkey, Naci AGBAL has been dismissed by President Erdogan. He was replaced by former AK Party deputy Professor Dr. Sahap KAVCIOGLU. With this appointment, for the first time in the history of the Republic, he became the fourth president of the Central Bank in 20 months.

AGBAL was the third Central Bank Governor to be sacked by President Erdogan. A short while ago, Murat Uysal and Murat Cetinkaya  were also dismissed by Erdogan.

Naci Agbal, who was appointed to replace Murat Uysal on 8 November 2020, had raised interest rates by 675 basis points in November and December last year.

The central bank headed by AGBAL, did not raise interest rates in the new year, until 18 March 2021 on which date they decided to raise rates by 200 basis points.