Türkiye reshuffles central bank board, adds new deputy governors

02:22

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Türkiye

Türkiye reshuffles central bank board, adds new deputy governors

Turkish President Recep Tayyip Erdogan has replaced three top officials at Turkiye's Central Bank, continuing an overhaul of economic policy that began with the appointment of a new finance minister Mehmet Simsek and a new bank governor Hafize Gaye Erkan at the beginning of June. The three new deputy bank governors are Osman Cevdet Akcay, Fatih Karahan and Hatice Karahan. Each brings long experience in banking, business and economics. After pursuing a long interest rate policy during the pandemic to stimulate economic growth, Ankara is now changing course. The central bank also revised its predictions for inflation for 2023 from 33% to 58%. It has since raised interest rates to 17.5%.