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Turkey's Mission to Lower Rates Could Take Longer After Shake-Up

Recep Tayyip Erdogan 

Recep Tayyip Erdogan 

Photographer: Bulent Kilic/AFP via Getty Images

Updated on

President Recep Tayyip Erdogan may end up losing the long game of bringing Turkish interest rates lower after installing a new central bank governor.

The ouster of Murat Cetinkaya just over two weeks ago all but clinches deeper monetary easing in the quarters ahead, according to analysts surveyed in July. But while new Governor Murat Uysal could push the benchmark to 19% by the end of this year, 3 percentage points below the median forecast a month earlier, he might start to lag from 2021, the poll by Bloomberg showed.