Why does the Turkish economy not stabilize?
| Turkish economic analysts are worried about the constant change of the position of the head of the central bank and consider this event as one of the important reasons for the economic disorder. |
Many newspapers in Ankara today dedicated the photo and headline of the front page to the issue of the dismissal of the head of the Central Bank of Turkey.
“Next person comes forward”. This is a significant headline that the newspaper published in Ankara used about the removal of Mrs. Hafizah Ghaye Erkan and pointed out that the head of the central bank has been changed 5 times in just 5 years. The newspaper is supposed to have pointed out that Erdoğan used the following sentence to remove the former heads of the Central Bank of Turkey: “He was not a person to listen to.” We had to take him.”
And the market analyst, look for a person who listens, you will waste the wealth of the country.
Several other Turkish newspapers, including Yeni Asia, Suzju, Annalize and Yeni Message, also have a common point of view about the dismissal of the head of the Central Bank, and the headline of Yeni Asia is as follows: “In a one-man regime, there is no head who can endure”.
Yeni Asia points out that continuous changes in The position of the head of the central bank has happened since Erdoğan changed the country’s political and executive system from parliamentary to presidential in 2018 by holding a referendum and winning 51 percent of the Napoleonic vote, and his powers were greatly expanded, without any oversight. to exist on his actions. As a result, since 2018, the president of the Central Bank of Turkey has changed five times, and these constant and frequent comings and goings have caused disorder and instability to threaten the currency and capital markets.
Yeni Asia did not stop with its biting headline and drew a cartoon in which the chair of the head of the Central Bank of Turkey , is described as a large prickly cactus that no one can sit on and must leave quickly.
Although there were financial abuses, scandals and incompetence involved in the dismissal of Mrs. Hafizah Ghaye Arkan, analysts say that she was not a good choice from the beginning and has damaged the credibility of the Central Bank. Because in his controversial interview with Hurriyet, he said that in order to be aware of people’s economic issues and problems, he constantly gets information from the janitor of the building where his mother lives! And export and import and full access to statistics and prices are the most important tools at his disposal and it is not reasonable to consult with the janitor to get information about the real and objective dimensions of the society.
Taha Ak Yul, a political analyst and historian of the economic history of Turkey during the Ottoman and Republic periods, previously using ironically Erdogan’s words, a book with this title He wrote: They did not listen to the words of Gush Kon!
In his book, he has examined the history of the establishment of the Central Bank of Turkey and the effect of the performance of the heads of the Central Bank on the stability of the market.
Ak Yul wrote after the dismissal of Hafiza Ghaye Erkan: “Erdogan was aware of all the mistakes of Mrs. Erkan.” But he tried to protect him and even in the ceremony of welcoming the President of Iran, he placed the members in the first row and respected him. Erkan has announced that his baby is one and a half years old and because a personal and family assassination has been launched against him, he has requested to resign in order to protect the morale of his baby. But later it turned out that this was not true and he was actually dismissed by the President’s personal order. We still don’t know why Erdogan deliberately used the concept of dismissal. We don’t even know if Mehmet Shimshek, the Minister of Finance and Finance, was willing to work with this lady again or not.” “Everyone expected the post of president to go to Osman Judet Akchai. But Fateh Karakhan was chosen, who is undoubtedly a very good economist, and his experience with the Federal Reserve should be considered a positive point. Now the head of our central bank has changed but apparently orthodox policies will continue. Perhaps, as our leading economist Professor Selva Demiralp said, nothing special will happen with Ms. Erkan’s departure. But leave aside the compliments. We have a problem in Turkey’s political and executive structure and it has been proven that the presidential system is prone to creating any kind of instability, uncertainty and insecurity. Erdoğan has removed 4 people from this post and now he has appointed a fifth person. Undoubtedly, this is a fundamental and structural problem in the Turkish executive system. Because central banks around the world are independent, politicians cannot easily change central bank chiefs and core teams frequently. So let’s accept that our system has a problem. The problem I have called is the erosion of laws and institutions and the dominance of personal management.” Youssef Zia Jumart also says about Erdogan’s economic perspective: “Erdogan, Habit has to politicize all the issues of the country. For example, in order to get votes from Islamist supporters, Rosi considers any bank interest to be usury and haram. But the day when the dollar reaches its peak and Turkey is forced to go to other countries for money, it will drop the word usury and declare that the banks will have to turn the economic wheel with this deposit interest!”
Ahmed Tashgatiren, a political analyst, also says: “In the current political and executive system of Turkey, Erdogan’s words are his words, and no official has the authority, not only to make important decisions. But he is not sure about his future. He dismisses and installs easily, and Erdogan’s political character has caused instability to overshadow all executive and economic spheres”.
Interesting This is where international economic institutions and foreign media have also observed and commented on the issue of the dismissal of the head of the Central Bank of Turkey. The media has published the photo of Fateh Karakhan and his wife and two daughters next to the American flag, which is probably related to the day he was accepted as an American citizen. Now he has left the senior management post of Amazon and has published the photo of his flight to Turkey. /Tasnim/Uploaded/Image/1402/11/15/1402111512205886029318294.jpg”/>
In the Bloomberg report, an analysis by JP Morgan was published that he He knows a worthy person to head the Central Bank of Turkey. But it also points out that even the fate of Karakhan is unknown and no one knows how long he will last in this post.
Morgan May He says: “Since market experts are also worried about Karakhan and cannot comment on his future fate, foreign investors cannot easily go to Turkey and invest their capital in a market that the president easily controls. He dismisses the bank”. whether it works successfully or not.
| Publisher | Tasnim News |
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