Recep Tayyip Erdoğan Turkey city Ankara president Recep Tayyip Erdoğan Turkey city Ankara

Turkey replaces central bank head as lira sees record lows

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ANKARA – Turkish President Recep Tayyip Erdogan on Saturday dismissed the head of the country’s central bank following a period of high inflation and record lows for the lira.Former Finance Minister Naci Agbal was brought in to replace Murat Uysal, according to a presidential decree announced in the Official Gazette.The decision came after the lira lost nearly a third of its value since the start of the year - hitting a record low of 8.58 against the U.S.

dollar on Friday - and annual inflation stood at 11.89%.Uysal was appointed chairman of the central bank in July 2019 after his predecessor failed to cut interest rates to boost the economy.Erdogan has called for rate cuts, refuting established economic theory that high rates can rein in.

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