ISTANBUL: Turkey's economic growth had a strong trend at the end of 2020 but has slowed according to recent indicators in part due to monetary tightening that began in August and slowed credit growth, Central Bank Governor Naci Agbal said on Thursday.

In the bank's quarterly inflation update, broadcast online, Agbal said the overall recovery in the second half of last year improved employment in the wake of the first coronavirus wave earlier in 2020.

Since November, the bank under new chief Agbal has hiked its key interest rate to 17% from 10.25%. Agbal noted in the update that recent virus-related restrictions had a slowing effect on parts of the economy.