FACTBOX-Turkey's new cenbank chief Agbal has track record, but tests await

Uysal was appointed in a surprise move last summer after his predecessor was sacked for not following the government's instructions for more monetary stimulus. Here is some background on Agbal: - Agbal, 52, is seen as a capable technocrat and takes an orthodox approach to economic policy, analysts say. - Though never in the central bank, Agbal has held several positions in Erdogan's governments.

Turkey's new central bank chief Naci Agbal, a close ally of President Tayyip Erdogan who has served as his finance minister, is taking the reins as the lira plunges to all-time lows amid concerns about political influence over monetary policy. A 30% drop in the currency this year, and inflation stuck in double digits, have sharply raised market expectations for the tighter policy after ousted governor Murat Uysal hiked the key interest rate to 10.25% in September.

Yet Agbal, the bank's fourth governor in five years, may face further public pressure from Erdogan for lower rates to help the economy recover from a sharp contraction brought on by the coronavirus pandemic. Uysal was appointed in a surprise move last summer after his predecessor was sacked for not following the government's instructions for more monetary stimulus.

Here is some background on Agbal:

- Agbal, 52, is seen as a capable technocrat and takes an orthodox approach to economic policy, analysts say.

- Though never in the central bank, Agbal has held several positions in Erdogan's governments. He worked closely with Ali Babacan and Mehmet Simsek, former officials seen as market-friendly after orchestrating years of solid economic growth.

- Agbal graduated from Istanbul University in 1989 with a degree in public administration. He became an auditor in 1993, before completing his MBA at the University of Exeter in 1998.

- After working in the public sector, Agbal was appointed as undersecretary at the Finance Ministry in 2009. He was elected as a lawmaker for Erdogan's AK Party in June 2015.

- In September 2015, he was appointed as AKP deputy chairman in charge of the economy, before being named as the finance minister later that year.

- Following a 2017 referendum that granted Erdogan sweeping executive powers, Agbal became chairman of the Presidential Directorate of Strategy and Budget in 2018, a post he held until his appointment as central bank governor.