Turkish President Recep Tayyip Erdogan has appointed a former Goldman Sachs banker, Sahap Kavcioglu, as the new governor of Turkey’s central bank. This move comes after the sudden dismissal of the previous governor.
Naci Agbal, who had raised interest rates to combat inflation. Kavcioglu is a professor of banking and finance, and his appointment has raised concerns about the independence of the central bank. Erdogan has been known to favor low interest rates to boost economic growth,
But this has often led to high inflation and a weakened currency. The appointment of Kavcioglu has been met with criticism from economists and investors, who fear that it could lead to further instability in Turkey’s economy.
