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President and ruling Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan has dismissed Deputy Central Bank Governor Murat Çetinkaya, who previously served as the bank's governor as well.
According to the Presidential decision published in the Official Gazette, Mustafa Duman, the deputy head of the Executive Board and an executive director at Morgan Stanley in Turkey, has been appointed in his place.
After the President's decision was made public, the exchange rate of USD/TRY increased from 8.22 to 8.28.
Governor replaced as well
President and AKP Chair Erdoğan has also recently replaced Naci Ağbal as the governor of the Central Bank with Şahap Kavcıoğlu. The decision came after the interest rate hike by 200 basis points.
According to the Presidential Decision published in the Official Gazette early on March 20, Ağbal's dismissal was based on article 35 of the Statutory Decree No. 375 and article 2 of the Presidential Decree No. 3.
His successor Kavcıoğlu is an economist and a columnist for pro-government Yeni Şafak, which criticized the interest rate hike on front page.
About Mustafa Duman
He graduated from the Department of Business Administration. He did his MBA at the City University CASS Business School in London and MA in Capital Markets at Marmara University Institute of Banking.
He was appointed as the vice executive director of Morgan Stanley in January 2013, as the acting executive director as of February 2020 and deputy head of its executive board as of March 2020.
He became the executive director in August. He worked in Audit, Treasury, Risk Management and CFO positions during his banking career. He was a part of the founding team of one bank and two brokerage houses. (TP/SD)
