President Tayyip Erdogan's abrupt decision to sack Turkey's central ba...
ANKARA - President Tayyip Erdogan’s abrupt decision to sack Turkey’s central bank governor Murat Cetinkaya came after months in which they had not met and was precipitated when Cetinkaya rebuffed requests in June for a 300 point rate cut, three sources said.
The governor had overseen interest rate hikes of 11.25 percentage points last year as Turkey battled a currency crisis and rising inflation. These included an eye-watering 625 basis point rise in the benchmark rate to 24% in September. “As far as I know, there has been no contact between Erdogan and Cetinkaya for about a year,” said the first source familiar with the issue.
An official at the Turkish presidency said: “The president has explained his view in public, there is nothing more to say.”The issue came to a head in the buildup to the central bank’s June 12 interest rate setting meeting. “It was this incident that brought the crisis to a climax,” the second source said. “When no rate cut decision was made, they decided not to continue with Cetinkaya”.
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