Turkey on Saturday fired its central bank governor as policy differences between...
ANKARA - Turkey on Saturday fired its central bank governor as policy differences between the government and the bank deepened in the face of an economic slump, volatility in the lira currency and high inflation.
No official reason was given for the sacking, but markets have speculated over recent weeks that Cetinkaya may be pushed out by the government because of his reluctance to cut rates. Two government sources told Reuters that differences between the government and the governor over the conduct of monetary policy have deepened in the past few months.
“The President and the finance minister demanded his resignation, but Cetinkaya reminded of the bank’s independence and declined to resign,” the other source said. Annual inflation hit a 15-year high in October above 25%, but later dipped and is currently running just over 15.5%.
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