New governor of Turkey’s central bank sacks four coordinators - Deutsche Welle

Murat Uysal, the newly appointed governor of Turkey’s central bank, abolished a general coordination unit established by the former governor and removed four coordinators of duty, Deutsche Welle Turkish reported on Friday. 

The former coordinators will continue to serve as consultants, DW said. Sources told the German outlet that the changes in staff will continue after July 31, the day the central bank will release its new inflation report. 

The general coordination unit was established two and a half years ago by former governor Murat Çetinkaya. According to DW’s sources, the unit was formed to ensure that deputy governors could spend more time on monetary policies rather than doing administrative work.

Çetinkaya was unexpectedly replaced by Uysal this month by a presidential decree. Turkish President Recep Tayyip Erdoğan said the former governor was sacked for failing to lower interest rates.

In its first monetary committee meeting under Uysal on Thursday, the central bank substantially cut its benchmark rate, lowering it down by 425 basis points to 19.75 percent from 24 percent.