Turkey's new central bank chief meets bankers, vows to fight inflation
Sahap Kavcioglu pledges to tackle inflation which has been stuck in double digits for most of the last four years.
Sahap Kavcioglu, a former parliamentarian, was appointed to head the central bank after the dismissal of Naci Agbal in the early hours on Saturday.
Turkey's new central bank chief has said the bank will continue to set the policy to permanently lower inflation, which has been stuck in double digits for most of the last four years.
"The decline in inflation will foster macroeconomic stability through the fall in 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 on Sunday.
Kavcioglu replaced Naci Agbal as the bank's chief on Saturday.
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Kavcioglu speaks with bank chiefs
"In line with the transparency and predictability principles in policies, communication channels will be used effectively to address all stakeholders," Kavcioglu said.
Kavcioglu also held a call with bank CEOs on Sunday afternoon.
The online call with the heads of Turkey's big private and public lenders will aim to address the current market and policy situation, Reuters cited two sources with direct knowledge of it.
The call could shed light on how policy might shift given Kavcioglu's public calls for looser policy.
In a newspaper column last month he said –– contrary to monetary orthodoxy –– that high rates "indirectly cause inflation to rise".
Kavcioglu said in Sunday's statement that policy meetings will remain on a monthly schedule, suggesting any rate cuts may wait until the next planned meeting on April 15.
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