October 22, 2021, 16:29

    Turkey’s Erdogan overhauls cenbank MPC, appoints two new members

    Turkey’s Erdogan overhauls cenbank MPC, appoints two new members

    ISTANBUL, Oct 14 (Reuters) – Turkey's President Tayyip Erdogan dismissed central bank monetary policy committee (MPC) members Semih Tumen, Ugur Namik Kucuk and Abdullah Yavas on Thursday, appointing two new members in their place, according to the country's Official Gazette.

    Erdogan appointed Taha Cakmak as a deputy central bank governor and Yusuf Tuna as an MPC member. Tumen and Kucuk had both been deputy governors.

    The lira weakened to a record low of 9.1700 against the dollar after the announcement. It has weakened some 19% so far this year.

    On Wednesday evening, the presidency announced that Erdogan had met Central Bank Governor Sahap Kavcioglu, publishing a photo of Erdogan standing next to him.

    Last month the central bank cut its key rate (TRINT=ECI) to 18% from 19% despite annual inflation of nearly 20%, in a move analysts viewed as fresh evidence of political interference by Erdogan, a self-described enemy of interest rates.

    The bank's next policy-setting meeting is on Oct. 21.

    Last week, three sources familiar with the matter said Erdogan was losing confidence in Kavcioglu, less than seven months after he sacked his predecessor, and that the two had communicated little in recent weeks. read more

    Reporting by Daren Butler; Editing by Dominic Evans

    Sourse: reuters.com

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