ISTANBUL — Turkish central bank deputy governor Murat Cetinkaya was removed by presidential decree early Tuesday, March 30, sparking a fresh bout of volatility in the Turkish lira after it slid 13% following the surprise replacement of the bank’s chief 10 days earlier.
Cetinkaya was replaced with Mustafa Duman, a former Morgan Stanley executive, in a move read by analysts as an attempt to restore the central bank’s credibility among investors, though initial market reactions sent the lira to near-record lows against major currencies before it settled around 8.32 per US dollar Tuesday evening, down 1.3% for the day.
