Clause stipulating 5-year term for Turkey’s central bank governor removed

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Turkey removed a clause that stipulated a five-year term for the central bank governor, making the changes in a decree published shortly before President Recep Tayyip Erdoğan was sworn in for his second term in office, Reuters reported on Monday.

The decree, published in the government’s Official Gazette, removed a clause that had stated: “The governor is appointed by a cabinet decision for a term of five years. (The governor) can be re-appointed at the end of this period.”

The decree did not state what the alternative term length or re-appointment process for the central bank governor would be.

New regulations regarding top bureaucratic positions will be issued by presidential decrees in the upcoming days.

President Erdoğan hinted in May he wanted to tighten his grip on the economic management of the country, including the central bank, during a visit to London to meet with global money managers.

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