Murat Uysal

A Turkish opposition leader on March 31 criticized the president over frequent changes in the Central Bank leadership.

Turkish Central Bank Governor Naci Ağbal was dismissed and replaced with former MP professor Şahap Kavcıoğlu, according to a new presidential decree published in the official gazette early on March 20. 

Ağbal was appointed governor in November 2020 after former governor Murat Uysal was dismissed.

Turkey is conducting talks to establish swap lines with members of G20, with more than one swap line possible, said the country's treasury and finance minister.

"We are doing one-to-one swap negotiations with G20 countries with which we have a trade deficit and a free trade agreement," Berat Albayrak said in a closed-door online meeting with international investors.

The Turkish Central Bank on April 30 revised its year-end inflation forecast to 7.4% for 2020, down from 8.2%.

The 0.8 percentage point fall was driven by the downward revision in the projections of the output gap and food inflation, the Central Bank governor said while presenting the second inflation report.

Turkey is holding talks with central banks about swap agreements, the Turkish Central Bank (TCMB) Governor Murat Uysal said on April 19, as Ankara introduces measures to tackle the economic impact of the coronavirus pandemic.

Average interest rates on deposits in the Turkish banking industry have been falling since the second half of 2019 and hit 9.6 percent, which marked a three-year low, state-run Anadolu Agency reported.

The country's Central Bank delivered a significant 1,275 basis point cut since July 2019, slashing its benchmark one week-repo rate from 24 percent to 11.15 percent.

The design of monetary policy processes in the new period will be based on a data-focused approach, Murat Uysal, the newly appointed governor of the Central Bank of Turkey, said on July 15.

Turkey removed Murat Çetinkaya as central bank governor early July 6 and replaced him with the bank's deputy governor, Murat Uysal, according to a presidential decree published in the official gazette.