Turkey unexpectedly sacked its central bank governor in the early hours of Saturday, raising fresh concerns about the rate-setter's independence under President Erdogan's tight grip.
He had described the interest rates as the "mother and father of all evil" and claimed that high interest rates cause inflation and that lowering them will improve growth.
No official reason was given for the sacking, but government sources cited Erdogan's frustration that the bank has kept its benchmark interest rate at 24% since last September to support the ailing lira currency.
The central bank has faced pressure in the past from President Tayyip Erdogan to lower interest rates to revive an economy which slipped into recession earlier this year.
But the central bank raised the base interest rate to 24 percent from 17.5 percent past year in order to control inflation.
Last month, President Erdogan said high interest rates harmed Turkey.
Analysts think the central bank could start easing monetary policy at a July 25 meeting.
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"The president and the finance minister demanded his resignation, but Cetinkaya reminded [them] of the bank's independence and declined to resign", the other source said.
Erdogan, whose son-in-law is the finance and treasury minister, repeatedly criticized the central bank for keeping rates high.
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According to a statement by the central bank, Uysal said in his first remarks as governor that he will continue to "independently apply monetary policy tools to maintain price stability".
After a trade dispute with the USA a year ago, Washington imposed sanctions on Turkey and tariffs on some Turkish goods, leading to a 30 per cent slide in the lira's value.
"Those who removed the central bank governor overnight have lost the right to demand confidence in the country's economy". The Turkish central bank is a hostage in the hands of the Palace.