In a statement on Saturday, the Central Bank said it will continue to operate independently and that the new Governor will focus on maintaining price stability as its key goal, Anadoulu news agency reported. There had been recent speculation that Mr. Çetinkaya could be replaced amid disagreements with the government on cutting interest rates.
Turkey President Recep Tayyip Erdogan has sacked the governor of country's central bank Murat Cetinkaya and replaced him with his deputy.
For the second consecutive quarter earlier this year, the nation's economy fell sharply as an arduous currency crisis, as well as soaring inflation and hike in interest rates that took a weighted toll over all outputs.
"Erdogan remains determined to improve the economy, and for that he made the decision to remove Cetinkaya", the official added, asking not to be named.
The central bank has in the past face pressured from Erdogan to decrease interest rates in order to restart a falling economy causing a recession.
Erdogan and the Turkish Minister of Finance, the son-in-law of Erdogan, lashed out several times in the past year at the central bank.
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"In his first remarks, Murat Uysal, said that the communication channels would be used at the highest level in line with the price and financial stability goals", the bank said.
Uysal, who had served as deputy governor since June 2016, will hold a press conference in the coming days, the bank said.
Istanbul's new mayor Ekrem Imamoglu recently unseated Erdogan's ruling Justice and Development Party, which had governed Turkey's largest city since 2004, with a campaign that pointed out the government's economic failures.
Despite winning praise for delaying monetary easing, Cetinkaya also came under fire about the lack of transparency over recent volatility in the bank's reserves, prompting concerns that the monetary authority was using its assets to prop up the lira before municipal elections earlier this year. Uysal was previously vice-president of the central bank.
The opposition Republican People's Party spoke out against the removal of Cetinkaya, with spokesman Faik Oztrak accusing the president of interfering in the independence of the central bank.
"Those who removed the central bank governor overnight have lost the right to demand confidence in the country's economy".