ADVERTISEMENT

Turkey’s Erdogan Says Complete Revision Needed at Central Bank

Turkey’s Erdogan Says Complete Revision Needed at Central Bank

(Bloomberg) -- Turkey’s President Recep Tayyip Erdogan said there is need for a “complete revision” at the country’s central bank, where he unexpectedly removed Murat Cetinkaya as governor last week, appointing a deputy as his replacement.

Erdogan spoke to reporters on the presidential plane en route to Turkey following a trip to Bosnia-Herzegovina, HT news website reported early Wednesday. Below are highlights of his remarks as carried by Turkey’s national media outlets:

  • “The central bank is the most important linchpin in the finance leg of economy. Unless we make a complete revision there and put it on a strong foundation, we may face serious troubles there”
  • Turkey paid a “heavy price” for Cetinkaya’s mistakes, which included a failure to communicate with markets and his inability to inspire confidence
  • “This became intolerable, after which we made an assessment of it with our friends led by the Treasury and Finance Minister, and then we came to the conclusion that making a change here would be beneficial”

Get More

  • Read more on why Erdogan removed Cetinkaya here
  • Read more on Murat Uysal, the new governor of Turkey’s central bank here

--With assistance from Firat Kozok.

To contact the reporter on this story: Onur Ant in Istanbul at oant@bloomberg.net

To contact the editors responsible for this story: Alaa Shahine at asalha@bloomberg.net, Brandon Kochkodin, Onur Ant

©2019 Bloomberg L.P.