Deputy governor Murat Cetinkaya becomes next central bank chief

Deputy governor Murat Cetinkaya becomes next central bank chief

The Turkish cabinet approved the appointment of Murat Cetinkaya as the new chief of the central bank on Monday, government spokesman Numan Kurtulmus said, reassuring investors who had feared a power struggle over the nomination, Reuters reports.

Current Governor Erdem Basci's term expires on April 19th and there had been market concern that President Tayyip Erdogan, a vocal advocate of low interest rates despite Turkey's high inflation, might seek to impose a candidate of his choice.

A government official and an economy official both told Reuters earlier that Prime Minister Ahmet Davutoglu had discussed the nomination with Erdogan.

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