Turkey's central bank chief fired

Saturday, 6 July 2019 15:19

The governor of Turkey’s central bank has been fired.

Turkish President Recep Tayyip Erdogan has replaced Murat Cetinkaya with his deputy.

Cetinkaya served in the position since April 2016.

The development comes as the government and the central bank continue to be at odds over interest rates in the country.

According to reports, Erdogan wants to lower it in order to boost spending and battle inflation.

However the central banks wants to keep it high.

Last September, in a bid to boost the value of the Turkish lira, they increased the interest rate from 17.5 per cent to 24 per cent.

More from Business

Disney settles suit over women's pay for $43 million

Walt Disney has agreed to pay $43.3 million to settle a lawsuit alleging that its female employees in California earned $150 million less than their male counterparts over an eight-year period, the plaintiffs' lawyers said in a statement on Monday.
Etihad Airways adds ten new destinations for 2025

UAE carrier Etihad Airways is set to introduce ten new destinations starting in 2025, expanding its global presence as it brings tens of thousands of new visitors to the capital.
Trump pledges new tariffs on Canada, Mexico, China

US President-elect Donald Trump on Monday pledged a 25 per cent tariff on all products from Mexico and Canada from his first day in office, and an additional 10 per cent tariff on goods from China, citing illegal immigration and the trade of illicit drugs.
UAE and Bahrain finalise ICV programmes procedures

The UAE and Bahrain have finalised the procedures required to implement an MoU, signed last January, that fosters cooperation between the National In-Country Value (ICV) Programme and Bahrain’s Value Programme in Industry, known as Takamul.