Economics
Erdogan Rids Turkey’s Central Bank of Opponents to Rate Cuts
- Erdogan earlier discussed central bank shake-up with governor
- Three members of Monetary Policy Committee fired at midnight
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Turkish President Recep Tayyip Erdogan fired monetary policy makers wary of cutting interest rates further, driving the lira to record lows against the dollar with his midnight decree.
The firing of deputy governors Semih Tumen and Ugur Namik Kucuk, along with Monetary Policy Committee member Abdullah Yavas, followed a meeting between the Turkish president and the bank’s chief Sahap Kavcioglu on Wednesday evening.