Recep Tayyip Erdogan ousted Turkish Central Bank Governor Murat Uysal in the early hours of Saturday and replaced him with former Finance Minister Naci Agbal after a new record-breaking low for the Turkish lira.

The decision to replace Uysal was taken by presidential decree and published in the Turkish Government Gazette.

The Turkish lira closed at 8,5445 against the dollar on Friday after a low of 8,58. It has weakened 30% against the US dollar this year.

Uysal was appointed governor in July 2019, replacing Murat Cetinkaya.

Nachi Agbal served as finance minister from 2015 to 2018, when he was appointed head of the presidential strategy and budget department.