Market news
29.03.2021, 06:42

Turkey's abrupt central bank switch entrenches Erdogan's unorthodoxy -Fitch

Reuters reports that a top Fitch Ratings official told that President Tayyip Erdogan's decision to oust Turkey's central bank chief entrenches his unorthodox view that high rates cause inflation and came shockingly early in Naci Agbal's stint as governor.

Douglas Winslow, director at Fitch's sovereign team, said the March 20 decision to fire Agbal after less than five months raises the risk of "looser and less orthodox" monetary policy in the months ahead.

Fitch has a stable BB- "junk" rating on Turkey and said in a report last week the change at the top of the central bank - Sahap Kavcioglu, a critic of Agbal's tight policy, was named governor - raises Turkey's inflation and external financing risks.

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