Turkey's Erdogan replaces central bank governor as lira slides

Turkish President Tayyip Erdogan removed central bank governor Murat Uysal from his post on Saturday and replaced him with former finance minister Naci Agbal after a slide in the value of the lira to a record low. The decision to replace Uysal as governor was made by presidential decree, which was announced in the country's Official Gazette.

Turkish President Tayyip Erdogan removed central bank governor Murat Uysal from his post on Saturday and replaced him with former finance minister Naci Agbal after a slide in the value of the lira to a record low.

The decision to replace Uysal as governor was made by presidential decree, which was announced in the country's Official Gazette. The lira closed at 8.5445 against the dollar on Friday after a touching record low of 8.58. It has weakened 30% against the U.S. currency this year.

Uysal had become central bank governor in July 2019, when Erdogan appointed him to replace Murat Cetinkaya. Naci Agbal had been finance minister from 2015 until 2018, when he was appointed to head the directorate of presidential strategy and budget.