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President to appoint central bank governor to 4-year term in office

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A presidential decree issued on Monday after President Recep Tayyip Erdoğan was sworn in with new executive powers said the president will appoint the central bank governor, deputies and monetary policy committee members for four-year terms in office, the Hürriyet Daily News reported.

Three presidential decrees, published in the country’s Official Gazette, set out the structure of the new presidential system and the regulations governing the appointment of officials by the president.

The head of the central bank had previously served a five-year term, but a decision published in the Official Gazette removed that stipulation and scrapped a requirement that deputy governors must have a decade of experience.

An earlier presidential decree merged the treasury and finance ministries, and Berat Albayrak, the former energy minister and President Erdoğan’s son-in-law, has been appointed to the newly created ministerial post and will be in charge of the economy.

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