Erdogan sacks another central bank governor

According to Anadolu, the new head of the central bank will be Sahap Kavcioglu, a former member of Erdogan's ruling party, the AKP, reports dpa news agency. 

The decision comes just a few days after the Turkish central bank raised the key interest rate by two points to 19 per cent. 

Kavcioglu's predecessor at the helm of the central bank, Naci Agbal, had tried to get high inflation under control by raising interest rates. 

Erdogan, on the other hand, has repeatedly advocated low interest rates. 

The annual inflation rate rose to more than 15 per cent last month. 

Food in particular is becoming more and more expensive in Turkey. Food prices rose by an annualised 18.4 per cent in February. 

There were drastic price increases for staple foods such as eggs, bread, sunflower oil and cheese. 

Facing political pressure over the economy, Erdogan announced economic reforms last week. 

He promised tax exemptions and cheap loans for small businesses that have been are particularly hard hit by the corona pandemic. 

Following weeks of currency depreciation, Erdogan had removed Murat Uysal, Agbal's predecessor as central bank governor in November 2020 after the former had held the office for little more than a year.