The Central Bank of the Republic of Turkey (CBRT) aims to ensure price stability and will use all policy tools to achieve this goal, newly-appointed CBRT Governor Naci Ağbal said Monday.
“Until the Monetary Policy Committee meeting on Nov. 19, 2020, the current situation and expectations were reviewed and the developments were followed closely; Necessary policy decisions will be made in the light of the data and evaluations to be formed,” Ağbal said.
Naci Ağbal was named as the new governor and no reason was provided in the decree for why his predecessor – Murat Uysal – was replaced after just 16 months in the job.
Over the past few months, the lira has hit multiple historic lows against the U.S. dollar and was at 8.52 to the greenback late Friday. The Turkish currency has lost nearly 30% of its value against the dollar this year.
Markets are worried over persistently high inflation, which remains in double-digits, and a sharp drop in foreign currency reserves.
There were expectations last month that the central bank would hike the main interest rate because of the weak lira, but markets were disappointed when it was kept unchanged.
source : dailysabah.com
