The Turkish cabinet approved the appointment of Murat Cetinkaya as the new chief of the central bank on Monday, government spokesman Numan Kurtulmus said, reassuring investors who had feared a power struggle over the nomination, Reuters reports.
Current Governor Erdem Basci's term expires on April 19th and there had been market concern that President Tayyip Erdogan, a vocal advocate of low interest rates despite Turkey's high inflation, might seek to impose a candidate of his choice.
A government official and an economy official both told Reuters earlier that Prime Minister Ahmet Davutoglu had discussed the nomination with Erdogan.
