This archive report was first published on 6 July 2019.
On July 6, 2019, Turkish President Recep Tayyip Erdogan fired the governor of the Central Bank, Murat Cetinkaya, who had held the position since April 2016.
The decision comes amid reports of disagreements over interest rates, with the government wanting to lower them to boost economic growth.
President Erdogan has called for interest rates to be lowered, describing them as the "mother and father of all evil".
However, the Central Bank increased its benchmark interest rate from 17.5 percent to 24 percent in September, citing the need to battle inflation and boost the lira.
According to two government sources, the disagreement over monetary policy had deepened in recent months, with Erdogan and Finance Minister Berat Albayrak privately demanding Cetinkaya's resignation.
Cetinkaya, whose four-year term was due to end in 2020, will be replaced by his deputy, Murat Uysal.
Some have raised concerns over the bank's independence following the announcement, with former deputy central bank governor Ibrahim Turhan stating that removing the governor would deal a big blow to the bank's institutional structure and capacity.
