Turkey Central Bank Governor sacked for raising interest Rates

Turkey Central Bank Governor sacked for raising interest Rates
Join @Naijakit On Telegram For Instant Updates (Click Here)

OVERVIEW OF: Turkey Central Bank Governor sacked for raising interest Rates

Turkey Central Bank Governor Sacked For Raising Interest Rates

Turkey’s President Recep Erdogan has sacked the Central Bank Governor Naci Agbal for raising interest rates to check inflation and to support the lira.

Agbal, a former Finance Minister, was removed on Saturday, about four months into his term of four years.

He had the benchmark interest rate by a cumulative 875bp to 19 percent, a move he explained would help the lira recover.

But the decision was contrary to Erdogan’s belief that higher interest rates fuel inflation. The President insists that credit stay cheap to boost economic growth.

Erdogan has tapped Sahap Kavcioglu as a replacement. The Professor of Banking was a lawmaker on the ruling Justice and Development Party.

Kavcioglu opposes an interest rate hike. “Interest rate increases will indirectly lead to an increase in inflation”, he wrote in his Yeni Safak newspaper column in February.

Kavcioglu becomes the fourth Turkish Central Bank Governor since 2019. Critics say Erdogan is keen on having an appointee to effect only his bidding.

During Agbal’s headship, the currency strengthened by about 18 percent. He thanked the President for all the duties assigned to him.

“I express my gratitude for my dismissal from duty as of today. May God grant us all good luck”, Agbal’s tweeted.

Naijakit creates content to benefit users and artists alike. We do this by showing data in an easy-to-digest format.

We help artists track their progress, promote songs and reach their target audience.

We have permission from the artists to display most of our content, where we do not request permission, Naijakit use content under fair use for purposes such as criticism, comment, news reporting, promotion, and research.

Please do not hesitate to contact us, If Naijakit has infringed on your copyright or the copyright of someone you represent, and you want your media files and lyrics to be removed from Naijakit database.

Naijakit will respond to “any and all take-down requests” that comply with the requirements of the Digital Millennium Copyright Act (DMCA), and other applicable intellectual property laws.

Where we get songs to upload?

Naijakit have an upload form on the site, where users have to be registered

to upload song. Admin look at the song and decide if to approve it or not after some checks.

We also receive songs from artists representatives, artists, bloggers asking us to promote songs on our site.

Naijakit TV


Write a Comment


*NOTE:* You Need To Provide a Valid Phone Number Incase we want to reach you back. or you want us to contact you back.. Via your comment.. Thanks, Your Comment is important to us!