According to a presidential order released in Turkey’s official gazette on Tuesday, Murat Cetinkaya, the country’s deputy governor of the central bank, has been removed from office and replaced by Mustafa Duman.
According to the resume released by the Turkish central bank, Duman has held senior positions in Morgan Stanley (77.88, -2.10, -2.63%) securities companies and worked in the financial, risk management and audit departments in his banking career.
The order did not provide any further details of the reasons for the removal of chettincaya. After the news, Turkey’s lira fell to 8.29 against the US dollar.
Earlier this month, Turkish President Erdogan ordered the removal of Naxi Agbar, the former governor of the Turkish central bank, and appointed sahap kavioglu as the new president, who supported Erdogan’s view that high interest rates would lead to high inflation (131.27, -1.72, -1.29%).
The move triggered market turmoil and concerns that Turkey could return to unconventional economic policies, including capital controls to protect its currency.
However, erdo’s chief economic adviser said Turkey did not consider any capital controls.