CBRT Governor Naci Ağbal Was Dismissed!

CBRT Governor Naci Ağbal was dismissed! Ağbal was able to stay at the head of the Central Bank for 4 months.

According to the presidential decision published in the Official Gazette with the signature of President Recep Tayyip Erdoğan, Naci Ağbal, who was appointed as the Governor of the Central Bank, was dismissed on 8 November 2020. Ağbal made his statement on the subject on his official Twitter account. Naci Ağbal used the following statements in his post: "I would like to thank Mr. President for all the duties he deemed appropriate, including the Governorship of the Central Bank. I also express my gratitude for my dismissal as of today. May the Lord bless all of us."

Ağbal has been appointed to replace Murat Uysal

Naci Ağbal was appointed to replace former CBRT Governor Murat Uysal on 8 November 2020. Ağbal made an interest rate increase of 675 basis points in November and December last year after taking office. The Central Bank, under the administration of Ağbal, increased the interest rates in January and February in the new year, by 200 basis points last Thursday. The total increase amounted to 8.75 points in 133 days Ağbal remained in office.

Şahap Kavcıoğlu has been appointed as the new head of the CBRT

Şahap Kavcıoğlu became the new head of the CBRT. Born on May 23, 1967 in Bayburt, Central Bank Governor Prof. Dr. Şahap Kavcıoğlu is a graduate of Dokuz Eylül University, Faculty of Economics and Administrative Sciences, Department of Business Administration. Kavcıoğlu, who graduated from Istanbul University Accounting Institute as an Audit Specialist, studied business administration at Hastings College, England. He completed his master's and doctorate at Marmara University Banking and Insurance Institute. [caption id="attachment_52200" align="alignnone" width="800"] New CBRT Governor Prof. Dr. Şahap Kavcıoğlu[/caption] Assuming the position of Deputy Chairman of VakıfBank Board of Directors in 2019, Prof. Şahap Kavcıoğlu worked at Esbank T.A.Ş. as Assistant Inspector, Inspector, Branch Manager and Assistant General Manager. Kavcıoğlu is the President of the Bayburt Education Culture and Service Foundation, a Member of the Board of Trustees of the Bayburt University Development Foundation, a Congress Member of the Galatasaray Sports Club and a Founding Member of the Dokuz Eylül University Alumni Association. Kavcıoğlu, who has 2 published books and many articles titled “Management of Problematic Loans in Commercial Banks and their Follow-up” and “Evaluation of Investment Projects in the Energy Sector”, Kavcıoğlu was elected as the AK Party Bayburt MP for the 26th term. Kavcıoğlu is married and has 3 children.