Erdogan Expands Clout Over Central Bank, as He Promised

Move deepens president’s role in naming central bank officials
Erdogan issues first decrees of his executive presidency

Erdogan named his son-in-law as economy czar in a new administration. Bloomberg’s Simin Demokan reports.(Source: Bloomberg)

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By Onur Ant and Selcan Hacaoglu

July 10, 2018 at 5:03 AM UTC

Updated on

July 10, 2018 at 2:11 PM UTC

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Turkey’s President Recep Tayyip Erdogan moved to cement his control over the economy, claiming the exclusive power to appoint central bank rate-setters a day after naming his son-in-law to oversee economic policy.

The moves complete a years-long process that saw members of his investor-friendly A-team removed from the government one-by-one, increasingly rattling markets. The lira plunged on Monday by the most since a failed coup attempt two years ago and is down by 19 percent against the dollar so far this year.