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

'All roads' lead to higher prices, slower growth, IMF chief says

The war in the Middle East will lead to higher inflation and slower global growth, the head of the International Monetary Fund said on Monday, ahead of a fresh forecast for the world economy planned by the global lender for next week.
ADNOC Gas shareholders approve record $3.6 billion dividend for 2025

ADNOC Gas confirmed shareholder approval of a record $3.584 billion dividend for 2025, with a final dividend of $896 million payable in May, at its Annual General Meeting on Monday.
Dubai South supports SMEs at Business Park through flexible package

Dubai South has announced a flexible and support package for its SME community at the Business Park, aimed at supporting its growing base of businesses.
UAE becomes top 10 global exporter, WTO figures show

The UAE has become one of the world’s top 10 exporting countries for the first time, according to the latest figures from the World Trade Organisation’s (WTO) “World Trade Prospects and Statistics” report.
ADNOC Gas says domestic demand still being met after Habshan attack

ADNOC Gas said on Sunday that demand in the UAE was being met through its other facilities after the Habshan complex in Abu Dhabi was hit by debris from an intercepted attack on Friday.

UAE forces respond to incoming missile, drone threats
UAE air forces are currently responding to incoming missile and drone attacks from Iran
UAE announces extension of Nafis programme until 2040
The UAE's Nafis programme, which aims to empower national talent in the private sector, has been extended until 2040.
Cooling operations underway after fire at Sharjah warehouse
Civil defence teams in Sharjah have begun cooling operations after bringing under control a fire that broke out at a clothing warehouse in Sharjah Industrial Area 10 on Monday afternoon.