Erdogan attends the South East European Cooperation Process (SEECP) summit in Sarajevo, Bosnia and Herzegovina, on Tuesday. Dado Ruvic/ Reuters
President Tayyip Erdogan said Turkey could face serious problems if its central bank is not completely overhauled after the dismissal of governor Murat Cetinkaya, the Haberturk news website reported on Wednesday.
A presidential decree on Saturday showed Cetinkaya, whose four-year term was due to run until 2020, had been replaced by his deputy Murat Uysal, reigniting concerns about political interference in monetary policy.
Erdogan told reporters on his airplane returning from a trip to Bosnia that Cetinkaya had made decisions for which a high price was paid and he had not inspired confidence or communicated well with the market, Haberturk said.
“The central bank is the most important element in the economy’s financial pillar,” Erdogan said. “If we do not revise it completely, if we don’t put it on solid foundations, we may face living with serious problems.”
“Most importantly, he did not inspire confidence in markets. His communication with markets was not good,” he added.
Erdogan, a frequent critic of high interest rates, has often called for lower rates to kickstart the now recession-hit economy. The lira, which weakened after Saturday’s move, was unchanged at 5.73 against the dollar after Erdogan’s latest comments.
A refusal by the United States to hand over to Turkey the F-35 fighters jets which it has bought would be “robbery,” media reports on Thursday cited President Tayyip Erdogan as saying in a dispute over
Chinese state media have said Turkish President Recep Tayyip Erdogan told President Xi Jinping that ethnic minorities live happily in Xinjiang, in what would be a stark reversal of Ankara’s past criticism of Beijing’s
Turkey's main opposition appeared headed for victory on Sunday in a re-run of Istanbul's mayoral election, dealing one of the biggest blows to President Tayyip Erdogan during his 16 years in power.
Washington and Beijing are working actively to revive negotiations aimed at ending the trade war that has rattled world markets, Donald Trump’s chief economic advisor said on Sunday.
Germany’s second biggest city Hamburg is becoming one of the favourite travel destinations for Gulf travellers, offering them outstanding features, from great waterfront sites, high-end shopping facilities, luxurious hotels to exquisite culinary Michelin-star restaurants.
The Dubai Maritime City Authority (DMCA) has revealed the successful opening of its newest registration and licensing centre in Umm Suqeim. The move complements the government’s continuing efforts towards achieving customer happiness