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New President of Central Bank of Turkey

New President of Central Bank of Turkey
Athens, April 11, 2016/Independent Balkan News Agency

By Manolis Kostidis

The 40-year old Murat Cetinkaya chose by the Turkish Government as president of the Central Bank of Turkey (Merkez Bankası), who will replace the current president Erdem Başçı, whose term expires on April 19.

In Ankara it was common knowledge that prime minister Ahmet Davutoğlu, was positive for the renewal of the mandate of Başçı, who he considered an important factor for the stability of the economy.

Turkish president Recep Tayip Erdoğan, however, had an open dispute with Başçı, from whom he was asking to reduce lending rates, with the central banker refusing as he warned of inflationary pressures in the Turkish economy.

The new president until recently was one of the four vice presidents of the central bank and his career began at the Islamic bank Al Baraka Türk and the continued to the Turkish state bank Halkbank. The appointment of Çetinkaya has created a positive climate in the Turkish market as many are hoping for the end of the dispute with Erdogan.

However, the Japanese Bank Nomura believes that the new central banker is not as experienced as Başçı.

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