Turkey fires Central Bank deputy governors Semih Tumen and Ugur Namik Kucuk, appointing Taha Cakmak as new deputy.

A logo of Turkey's Central Bank (TCMB) is pictured at the entrance of the bank's headquarters in Ankara, Turkey, April 19, 2015.
A logo of Turkey's Central Bank (TCMB) is pictured at the entrance of the bank's headquarters in Ankara, Turkey, April 19, 2015. (Reuters)

Turkey has appointed a new deputy governor to the country's Central Bank and a new member to the bank's Monetary Policy Committee (MPC) while dismissing two deputy governors and one MPC member.

According to a presidential decree, Taha Cakmak has been appointed as the new deputy governor of the bank while Yusuf Tuna was appointed as a member of the committee.

Deputy governors Semih Tumen and Ugur Namik Kucuk and MPC member Abdullah Yavas were dismissed, said the decree issued via the Official Gazette.

The development comes after President Recep Tayyip Erdogan and Central Bank Governor Sahap Kavcioglu met late on Wednesday in the capital Ankara. 

The lira weakened to a record low of 9.1900 against the dollar following the announcement, a loss of 1 percent on the day.

Turkey's annual inflation rate stood at 19.25 percent in July, according to latest data by the Turkish Statistical Institute (TurkStat).

Kavcioglu replaced Naci Agbal as the bank's chief in March 2021, the fourth appointee to the role since 2019.

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Source: TRTWorld and agencies