How did the change of president in the CBRT affect the market?

How Did the Change of President in the CBRT Affected the Market? Naci Ağbal, who left the Presidency of Strategy and Budget Presidency to Deputy İbrahim Şenel, took over the position of Central Bank President from Murat Uysal. So how did the change of president in the CBRT affected the market? How did market experts evaluate the management change? Here are the details. Central Bank of the Republic of Turkey (CBRT) President Murat Uysal, was dismissed by presidential decree published in the Official Gazette. Naci Ağbal, who was the Minister of Finance, replaced Uysal. Experts on the foreign markets emphasized that Ağbal is a serious process in order to stabilize the Turkish Lira, and that there are expectations that the CBRT will hold an extraordinary meeting. Commenting on Bloomberg HT, Rabobank Emerging Markets Strategist Piotr Matys noted that the new president Naci Ağbal will face serious tasks such as ensuring the stability of the Turkish Lira and the credibility of the CBRT. Matys stated, "If the change of office at the CBRT is a serious step, Ağbal needs to call an urgent meeting and raise the policy rate by at least 500 basis points. This will be a strong message that Ağbal is pro-orthodox politics." A similar assessment came from Nigell Rendell, Senior Emerging Markets Analyst at Medley Global Advisors. Rendell stated that whether Ağbal’s return to the conventional monetary policy will be the focus of the market and underlined that Ağbal should raise the policy rate by 500-600 points in order to establish credibility. Ata Asset Management General Manager Mehmet Gerz told Bloomberg HT about the assignment: "If there is a change, it is the determination of something that is not going well. The decision-making mechanism and framework of the Central Bank is important. Naci Ağbal is a serious name known by the market and has been in the management of the economy. But he is not a central banker. Secondly, the Central Bank is not a name that will give the image of independence. In that sense, I don't see any change right now. "