Turkey's CB will keep fighting inflation, vows new head

ISTANBUL

The Central Bank of the Republic of Turkey (CBRT) will continue to use monetary policy tools effectively to achieve a permanent decline in inflation, its new governor said on Sunday.

“The decline in inflation will foster macroeconomic stability through the fall in country risk premiums and a permanent improvement in financing costs, and will contribute to the development of conditions essential for sustainable growth that will enhance investment, production, exports and employment,” Sahap Kavcioglu said in a statement.

Kavcioglu, a former parliamentarian, was appointed to head the CBRT after the dismissal of Naci Agbal in the early hours on Saturday.

“In line with the transparency and predictability principles in policies, communication channels will be used effectively to address all stakeholders,” Kavcioglu said, stressing that meetings of the Monetary Policy Committee will go on as previously scheduled.