Cryptocurrency’s protection against inflation has been one of key drivers behind its popularity with the Turkish public.
Meanwhile, another decree issued by the Turkish presidency said the central bank governor Naci Agbal has been replaced with Sahap Kavcioglu.
The economic and financial crisis roiling Lebanon is the gravest threat to its stability since the 15-year civil war ended in 1990.
Sunday's move, seen as the boldest economic measure taken by the joint military-civilian government, could provoke a popular backlash as the price of goods and services rise in response to the fall of the pound’s value.
Central bank chief Riad Salameh has led the entity since 1993. His role came under scrutiny after Lebanon’s financial system collapsed in an unprecedented crisis in 2019.
Turkish economy is projected to grow 2.6 percent and 3.5 percent in 2021 and 2022 respectively in latest economic survey by Organisation for Economic Co-operation and Development.
The announcement by Central Bank chief Naci Agbal puts Turkey on the fast track to adopting a central bank digital currency (CBDC).
Central bank governor says stability of Turkish lira a priority for policy decisions and that lira exchange rate has continued to create an upside risk on inflation.
Bitcoin is in the headlines, re-kindling a debate over its true role and the drivers behind its latest scintillating rally.
"We are working on both strengthening our economic policies and raising the bar of democracy and freedoms while easing daily life for our citizens," the Turkish president says.
Turkey’s central bank aggressively raises its main interest rate by 4.75 percentage points after a major shake-up of the country’s economic team.
Murat Uysal was appointed governor of the bank in July 2019, after former governor Murat Cetinkaya was dismissed.
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