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Dubai, United Arab Emirates (CNN) – Egyptian businessman Naguib Sawiris sheds light on the difference between his country’s monetary policy and that of Turkey following the announcement of the dismissal of its third central bank governor .
Egypt has maintained the stability of its monetary policy by not changing the governor of the central bank, which succeeds compared to the chaos in Turkey, whose president changed three governors in a year, which led to the instability of its exchanges and its currencies leakage of investors!
This came in a tweet from Sawiris on his official Twitter page, where he said: “Egypt has maintained the stability of its monetary policy by not changing the success of the governor of the central bank in relation to the chaos in Turkey, whose president changed three governors in one year. , which led to the instability of its exchanges and its currencies and to the flight of investors! “.
It is worth noting that the Turkish lira exchange rate deteriorated after Erdogan sacked the governor of the Turkish Central Bank, Naji Aghbal, according to a presidential decree in the early hours of Saturday morning. Aghbal held the post for less than 5 months, to be replaced by Shihab Kafcioglu, a former banking professor and parliamentarian for the ruling Justice and Development Party led by Erdogan.
During his five months as head of the central bank, Aghbal defended his economic reforms and his independence. Just two days before his dismissal, he raised interest rates 200 basis points to 19%, higher than expected.
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