Turkey’s Erdogan sacks central bank governor after rate hike

Turkey’s president fires Naci Agbal after just four months on the job following surprise increase in interest rates.

Turkey’s president has fired the central bank governor, who in his four months in office had won the praise of investors for hiking interest rates and promising tighter monetary policies. In a decree published in the Official Gazette early on Saturday, President Recep Tayyip Erdogan announced the departure of Naci Agbal, a former finance minister. He is to be replaced by a banking professor who has argued for lower interest rates.