Turkish central bank governor Naci Ağbal has been fired after less than five months in office.
No official reason for the decision has been given for the decision, which was made by a presidential decree published in the early hours of Saturday.
The dismissal comes after the central bank raised interest rates by 200 basis points to 19 percent on Thursday, a sharper increase than was widely expected.
Turkish President Recep Tayyip Erdoğan is a vocal opponent of higher interest rates.
Ağbal has been replaced by Şahap Kavcıoğlu a professor of banking at Marmara University in Istanbul.
Kavcıoğlu has repeatedly criticised using interest rates to stabilise the Turkish economy as a columnist at the pro-government Yeni Şafak newspaper.
Foreign investors have been calling for the action to rein in double-digit inflation.
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