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