New Turkish central banker to replace Albayrak allies

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(Bloomberg) – Turkey’s new central bank governor is in the process of replacing some of his deputies at the monetary authority, according to people familiar with the matter.

Governor Naci Agbal is particularly keen to sweep aside members of the Monetary Policy Committee who were close to former Finance Minister Berat Albayrak, Turkish President Recep Tayyip Erdogan’s son-in-law, people said on Monday, asking not to be identified. due to the sensitivity of the material. Albayrak unexpectedly resigned as the country’s economic czar on Sunday evening, a day after the dismissal of the previous central bank governor, Murat Uysal.

Any replacement must be approved by Erdogan and published in the Official Journal. An Agbal spokesperson did not respond to requests for comment.

Agbal has often criticized Albayrak’s policy of intervening in the markets. His appointment could be a sign of rising interest rates, but that depends on how well he negotiates a level of political independence.

The, this year’s worst performer in emerging markets, has gained some breathing space from the upheaval over the weekend. It rebounded as much as 6% against the US dollar, the most in more than two years, and was trading 5.7% stronger at 8.0551 per dollar at 2:28 pm in Istanbul.

(Unanswered updates from central bank to third paragraph.)

© 2020 Bloomberg L.P.

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