AP NEWS
Click to copy
Click to copy

Turkish leader: central bank chief fired over rate cuts

July 10, 2019
In this photo taken on Friday, July 5, 2019, Turkey's President Recep Tayyip Erdogan speaks during a meeting in Istanbul. Erdogan has fired the Central Bank Governor Murat Cetinkaya amid the country's economic downturn. Cetinkaya was replaced by Murat Uysal, the deputy governor, in a presidential decree published Saturday.(Presidential Press Service via AP, Pool)
In this photo taken on Friday, July 5, 2019, Turkey's President Recep Tayyip Erdogan speaks during a meeting in Istanbul. Erdogan has fired the Central Bank Governor Murat Cetinkaya amid the country's economic downturn. Cetinkaya was replaced by Murat Uysal, the deputy governor, in a presidential decree published Saturday.(Presidential Press Service via AP, Pool)

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan has confirmed that he fired the central bank chief over his refusal to cut interest rates.

Addressing a trade-union meeting in Ankara on Wednesday, Erdogan again declared interest rates to be “the mother of all evil” and suggested borrowing costs would be lowered soon.

Murat Cetinkaya was replaced by Murat Uysal, the central bank’s deputy governor, in a presidential decree published Saturday. It was the first time Erdogan said publicly that Cetinkaya was dismissed over interest rate disagreements.

Erdogan said: “we believed that it was necessary to change our friend who did not follow orders concerning monetary policy, regarding the mother of all evil.”

Central banks are meant to be independent of governments to ensure they don’t set policies merely to help a ruling administration.

All contents © copyright 2019 The Associated Press. All rights reserved.