New Governor of the Central Bank
Naci Ağbal, Governor of the Central Bank of the Republic of Turkey, who replaced Murat Uysal with the November 8, 2020 Presidential Decree, has been dismissed. And Prof. Dr. Şahap Kavcıoğlu became the new Governor.
The former Governor of the Central Bank of the Republic of Turkey (CBRT) said the following on his social media account regarding the position change: "I would like to thank Mr. President for all the duties and positions that he assigned me so far, including the Governor duty under the Central Bank. I have nothing but gratitude again for this decision. May God give the best for all of us."
Ağbal had increased the interest rate by 675 basis points in November and December last year after taking the office. Under the administration of Ağbal, the Central Bank did not increase the interest rates in January and February this year but decided to increase it by 200 basis points last Thursday.
The Monetary Policy Committee meetings will be held in accordance with the schedule announced to the public
Assigned as the Governor of the Central Bank of the Republic of Turkey (CBRT) with a decree published in the Official Gazette, Şahap Kavcıoğlu stated that he aimed to use the monetary policy instruments effectively within the framework of his legal power and authority to achieve a permanent decrease in the inflation.
"The decline in inflation will foster macroeconomic stability through the fall in country risk premiums and a permanent improvement in financing costs and will contribute to the development of conditions essential for sustainable growth that will enhance investment, production, exports, and employment. Accordingly, Monetary Policy Committee Meetings will be held as previously scheduled and announced to the public. In line with the transparency and predictability principles in policies, communication channels will be used effectively to address all the stakeholders," he said.