Turkish deputy PM announces new central bank head

SANLIURFA, Turkey

Turkey’s deputy prime minister has revealed the new head of the country’s central bank.

Murat Cetinkaya, who has worked for the institution since 2012, will take up the post upon the departure of current central bank chief, Erdem Basci who will stand down on April 19.

Deputy Prime Minister Numan Kurtulmus told reporters in Turkey’s southeastern province of Sanliurfa that Cetinkaya has been appointed by the Turkish cabinet.

The decision will be presented for President Recep Tayyip Erdogan's approval.

Current Central Bank Governor Erdem Basci is due to step down this month at the end of his five-year term.

The bank is in charge of Turkey’s monetary policy and has often been in conflict with the government over interest rates, which the bank has kept relatively high to stabilize the lira. The government is in favor of lower rates to boost investment.