Turkish President Tayyip Erdogan replaced the head of the Central Bank of Turkey Murat Uysal with the former Minister of Finance of the country Nachi Agbal due to the rapid depreciation of the lira.
The personnel decision came after the lira hit an all-time low, losing 30% of its value this year.
Agbal, considered a capable technocrat with an orthodox approach to economic policy, will face a daunting task, but his proximity to Erdogan will be an advantage in solving problems, Turkish government officials said on condition of anonymity.
The Lira closed at 8.5445 against the US dollar on Friday after hitting an all-time low of 8.58, despite dollar weakness as votes are still counted in the US elections.
Erdogan, who calls himself the enemy of high interest rates, has repeatedly called for a reduction in the cost of borrowing. He said over the weekend that Turkey is waging an economic war against those who are squeezing it into the "diabolical triangle of interest, exchange rate and inflation."