Turkish Minute

Erdoğan replaces central bank deputy governor in latest shake-up

The logo of Turkey's central bank

Turkish President Recep Tayyip Erdoğan appointed a Morgan Stanley executive to the central bank’s interest rate setting committee, as the shake-up at the monetary authority deepens, Bloomberg reported.

Mustafa Duman, formerly an executive director at Morgan Stanley in Turkey, was named a deputy governor early Tuesday, according to a decree published in the Official Gazette.

Duman joins the Turkish central bank just over a week after the Turkish president sacked the third governor in less than two years in a decision that shocked investors and sent the currency tumbling. As deputy governor, Duman will be one of the seven members of the central bank’s monetary policy committee that sets the nation’s borrowing costs.

Duman replaced Murat Çetinkaya, the former chief executive of the Borsa İstanbul group who had been serving as a deputy governor at the bank since August 2019.

The lira declined after the news and was trading 0.6 percent weaker at 8.2566 per dollar at 10 am in İstanbul.

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