Turkey's Erdogan removes 3 top names from central bank via midnight decree. Turkish Liira drops to a new record low.

UPDATE- Turkey's Erdogan overhauls cenbank MPC, appoints two new members

Turkey's President Tayyip Erdogan dismissed central bank monetary policy committee (MPC) members Semih Tumen, Ugur Namik Kucuk and Abdullah Yavas on Thursday, appointing two new members in their place, according to the country's Official Gazette.

Erdogan appointed Taha Cakmak as a deputy central bank governor and Yusuf Tuna as an MPC member. Tumen and Kucuk had both been deputy governors.

The lira weakened to a record low of 9.1700 against the dollar after the announcement. It has weakened some 19% so far this year.

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Eyes on cross-regional issues:

Moreover, one cannot even talk about the West or the European Union adopting a common foreign policy. There is no shared or effective policy regarding China, Russia or major conflict zones. It would suffice to take a quick look at what the Biden administration, which pledged to strengthen the trans-Atlantic Alliance, signaled to Washington’s European allies, by leaving Afghanistan and signing AUKUS, to appreciate that the West is all over the place. Unable to recover from Brexit, the EU could not show the courage to expand. It also experiences a crisis with Poland, since reconciling the interests of Eastern, Central and Northern European nations is quite a challenge. An uncertain future awaits Germany, which is dealing with the consequences of launching Nordstream 2, in the post-Angela Merkel period. Meanwhile, Macron, who keeps trying new things and faces backlash from African nations, is preoccupied with the French election and arms sales to Greece.

At a time when all eyes turn to the Indo-Pacific region and there are plenty of opportunities and risks involved in filling the regional power vacuum, it would be a mistake to jump into exaggerated and mistaken conclusions based on what some Western politicians say about Turkey. Unless, of course, the point is to warn the relevant parties not to work with Erdoğan and wait until 2023.

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"Our President,@RTErdogan, received the Chairman of the Central Bank of the Republic of Turkey (CBRT) Şahap Kavcıoğlu at the Çankaya Mansion."

https://twitter.com/_/status/1448342226925494274

Last Edited by Anon Braveheart on 10/13/2021 06:03 PM

"We are truly sincere in our proposal to prepare the first civilian Constitution of our country, which we brought to Turkey's agenda.

If we can reconcile our own preparations with the constitutional proposals of other parties, we can finalize this work within the Assembly before the end of the legislative year."

https://twitter.com/_/status/1445760119581683712

Turkey’s Erdogan Ousts Three Interest-Rate Committee Members

Turkish President Recep Tayyip Erdogan fired three members of the central bank’s interest-rate setting committee in a midnight decree after meeting with Governor Sahap Kavcioglu on Wednesday evening. The lira dropped to a record low against the dollar.

Erdogan has described himself as an “enemy” of interest rates, and espouses an unconventional theory that lowering interest rates will lead to lower inflation. The inflation rate was 19.6% in September, when Kavcioglu lowered the benchmark interest rate by 100 basis points to 18%.

The meeting between Kavcioglu and Erdogan came after the lira slipped to a record low earlier on Wednesday, extending its losses to nearly 5% against the dollar since the governor delivered his surprise interest-rate cut on Sept. 23.

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