Central bank deputy governor Murat Cetinkaya, who had worked at Turkish banks and brokerages as well as at the Istanbul stock exchange before joining the central bank in 2019, was dismissed by a presidential decree published in the Official Gazette.
He was replaced by Mustafa Duman, an executive at a unit of Morgan Stanley in Turkey, according to the central bank and his LinkedIn profile.
Several local and foreign investors said they did not previously know of Duman, with one Istanbul-based executive describing him as a “mystery”.
Turkey’s currency dropped over uncertainty in monetary policy by sacking the deputy governor of the central bank 10 days after dismissing its head.
The currency fell 1.8 per cent in London dealings to TL8.37 to the US dollar on leaving it near the lows of about TL8.41 hit as result of Erdogan's chaotic policies. the Turkish lira has lost about 14 per cent of its value since the unexpected shake-up.
Erdogan this month fired bank governor Agbal who had increased the country’s policy interest rate by a total of 8.75 percentage points since taking the post in November. Erdogan has yet to offer an explanation for Agbal’s dismissal.
A former finance minister, Agbal had promised tight monetary policy to curb double-digit inflation and rescue the lira from historic lows.
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