Turkey’s Erdogan Wanted Lower Interest Rates, So He Axed The Head Of The Central Bank
Turkish President Recep Tayyip Erdogan reportedly removed the head of the country's central bank for refusing to lower interest rates.
Erdogan removed Gov.
Murat Cetinkaya by presidential decree Saturday, ending his term over a year before it was set to end in 2020.
Erdogan has repeatedly criticized the central bank for having kept its benchmark interest rate at 24% since last September.
According to Business Insider, Erdogan argues that the approach is hurting the Turkish economy.