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Tayyip Erdogan

Erdogan adviser says central bank unlikely to cut rates early in Turkey

Erdogan adviser says central bank unlikely to cut rates early in Turkey

  • Erdogan has long called for lower rates and abruptly fired the last three bank chiefs in less than two years, including Naci Agbal on March 20. Analysts say the bank's credibility is tarnished given Erdogan's outsized influence on monetary policy.
  • "I do not think the central bank or the governor knows when they will cut the policy rate, since they will act according to the data. I think it is early to make a comment on rate cuts before seeing the inflation data," said Ertem.
Published 16 Apr, 2021 08:06pm
Turkish central bank holds rates, drops policy pledge under new chief
Business & Finance

Turkish central bank holds rates, drops policy pledge under new chief

  • In a statement, the bank also ditched last month's pledge to "decisively" maintain a tight monetary policy "for an extended period" to address inflation, which has risen above 16% and been in double-digits for most of the last four years.
  • The lira slipped as much as 0.7% to 8.125 versus the dollar after the bank under new governor Sahap Kavcioglu replaced the hawkish guidance with a softer assessment of risks to inflation that analysts said signalled interest rate cuts were on the way.
Published 15 Apr, 2021 06:02pm
Turkey's Erdogan says statement by former admirals implies coup
World

Turkey's Erdogan says statement by former admirals implies coup

  • Earlier on Monday, Turkey detained 10 retired admirals for signing the statement supporting the 85-year-old maritime accord governing use of the Bosphorus and Dardanelles straits on grounds they were conspiring against the constitutional order.
Published 05 Apr, 2021 09:12pm
Turkish lira up
Business & Finance

Turkish lira up

ISTANBUL: Turkey’s lira strengthened some 1% against the dollar on Friday, supported by a fall in US bond yields, ...
Published 03 Apr, 2021 03:41am
Turkey's new central bank head promises investors tight policy
Business & Finance

Turkey's new central bank head promises investors tight policy

  • Two sources said that a senior bank official added on the call there would be no premature interest rate cuts, and that inflation was close to the upper bound of its forecasts.
  • President Tayyip Erdogan fired former governor Naci Agbal on March 20 in a shock move that sent the lira down 13% as investors predicted a quick pivot to loose policy, given Kavcioglu's past criticism of Agbal's tight stance.
Published 01 Apr, 2021 05:36pm