Turkey’s President Recep Tayyip Erdogan removed central bank Governor Murat Uysal amid a rout in the lira.
Mr Erdogan named former Finance Minister Naci Agbal the new head of Turkey’s monetary authority, according to a presidential decree published in the Official Gazette on Saturday.
The removal followed weeks of declines in the currency, which weakened to a record low of 8.5793 to the dollar on Friday.
The lira dropped more than 30 per cent this year to become the worst-performing emerging market currency tracked by Bloomberg.
Mr Uysal, who was appointed in July 2019 after his predecessor was fired for defying the president’s calls for looser monetary policy, had been raising borrowing costs through a combination of rate increases and back-door measures since August.
But that approach failed to provide enough of a support for the currency or to rein in inflation, which is hovering at double digits, compared to the official target of 5 per cent.
Mr Agbal, who was finance minister in past governments under Mr Erdogan, had been serving as head of the Presidency Budget and Strategy Office since 2018.
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Name: HyperSpace
Started: 2020
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Sector: Entertainment
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Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
COMPANY PROFILE
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Sectors: Internet, e-commerce
Investments: Grants/private funding
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UAE currency: the story behind the money in your pockets
Hidden killer
Sepsis arises when the body tries to fight an infection but damages its own tissue and organs in the process.
The World Health Organisation estimates it affects about 30 million people each year and that about six million die.
Of those about three million are newborns and 1.2 are young children.
Patients with septic shock must often have limbs amputated if clots in their limbs prevent blood flow, causing the limbs to die.
Campaigners say the condition is often diagnosed far too late by medical professionals and that many patients wait too long to seek treatment, confusing the symptoms with flu.
