President Recep Tayyip Erdoğan dismissed central bank governor Murat Çetinkaya on 6 July, replacing him before his term ended.

What happened

The removal followed public pressure for lower interest rates as Turkey struggled after recession and a currency crisis. Reports said Çetinkaya resisted the requested scale of cuts.

Why it mattered

Deputy governor Murat Uysal became governor. The unusual dismissal raised investor concern about institutional independence and monetary-policy predictability.

Context and consequences

The change preceded large rate cuts later in 2019 and became a pivotal moment in relations between the presidency and central bank.

Sources