ISTANBUL, Turkey (AP) — The central bank chief of Turkey, Sahap Kavcioglu, has stepped down from her position citing the need to protect her family. Kavcioglu’s resignation comes amidst mounting pressure and a controversial campaign against her leadership.
Kavcioglu, who was appointed as the central bank governor last March, has been at the center of criticism due to her handling of the country’s financial policies and economic challenges. Her resignations have raised concerns about the stability of Turkey’s central bank and its ability to navigate through the ongoing economic crisis.
Speculations arose when the Turkish President, Recep Tayyip Erdogan, replaced Kavcioglu with the former finance minister, Naci Agbal, who was known for his conservative approach to monetary policies. This move was seen as an attempt to regain control over the central bank’s decision-making process and stabilize the economy.
Agbal’s appointment was followed by a series of changes in the central bank’s top leadership, indicating a significant shift in the country’s economic direction. The new leadership is expected to take a more cautious and conservative approach, focusing on addressing inflation and stabilizing the Turkish lira.
The sudden resignation of Kavcioglu and the subsequent appointments have sparked concerns among investors and financial markets, leading to increased volatility and uncertainty. The future of Turkey’s economic policies and its impact on the global market remains uncertain, as the new leadership faces the challenging task of restoring confidence and stability.