Turkey’s new Central Bank Governor Sahap Kavcioglu said current elevated levels of inflation require tight policy to ensure continued disinflation.
Speaking at the bank’s annual general assembly meeting, Kavcioglu said the policy rate will remain above inflation until the fall in inflation is permanent.
He said the one-week policy rate will be the main policy tool and policy tools will be used “in an appropriate way”.
Hence, the question on why the former Governor Agbal was sacked remains unanswered.