Turkey’s Erdogan sacking of central bank chief is ‘only going to add to the mess,’ Egyptian billionaire says

Turkey’s Erdogan sacking of central bank chief is ‘only going to add to the mess,’ Egyptian billionaire says

Turkey's president firing his central bank head over the weekend will only add to the "mess" in the country, said Egyptian billionaire Naguib Sawiris.President Recep Tayyip Erdogan on Saturday sacked yet another central bank chief, the third to be fired in two years.During Naci Agbal's five-month stint, he raised Turkey's interest rate by around 450 basis points to 19%. Economists believe rate hikes were needed to control inflation and stabilize the lira.Agbal's replacement, Sahap Kavcioglu, has said higher rates won't solve economic problems in Turkey and is expected to be more compliant to Erdogan's orders.

"I predict that it is only going to add to the mess," said Sawiris, Orascom Investment Holding chairman and CEO. "The inflation is very high, and trying to push down the interest rate when you want to defend your currency “¦ is not the right decision," he told CNBC's "Capital Connection" on Wednesday.Sawiris added that it's not a good idea to mix politics with economic issues or finance."(Erdogan) wants someone who will work based on a political agenda, which is a disaster recipe for central bankers," he said. "Central bankers have to react to economic realities of their country."Turkey's lira plunged on Monday as the market