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Turkish President Recep Tayyip Erdogan appointed a Morgan Stanley executive to the central bank’s interest-rate setting committee, as the shake-up at the monetary authority deepens.
Mustafa Duman, formerly an executive director at Morgan Stanley in Turkey, was named a deputy governor this week, according to a decree published in the Official Gazette.
Duman joins the central bank just over a week after the Turkish president sacked the third governor in less than two years in a decision that shocked investors and sent the currency tumbling. As deputy governor, Duman will be one of the seven members of the central bank’s monetary policy committee that sets the nation’s borrowing costs.
Duman replaced Murat Cetinkaya, the former chief executive of Borsa Istanbul group who had been serving as a deputy governor at the bank since August 2019.Another member of the policy committee, Omer Duman, was also removed during Tuesday’s shareholders’ meeting at the bank’s headquarters in Ankara. His replacement will be announced later.
The lira declined as much as 2.9% on the news of further upheaval at the bank and was trading 1.3% weaker at 8.3146 per dollar at 5:13 p.m. in Istanbul.
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