ANKARA, Turkey (AP) — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor's surprise resignation.
The duty of the central bank is to ensure and maintain price stability,” Karahan told reporters in Turkey’s capital, Ankara.
Erdogan, who has previously fired central bank governors who spurned his unorthodox policies, appointed the new economic team after getting reelected in May.
The Turkish central bank most recently raised its key interest rate by 2.5 percentage points in January, when inflation reached nearly 65%.
Despite such hikes, inflation remains high — consumer prices rose to an eye-watering 64.86% in January from a year earlier, according to figures released Monday, up from 64.77% in December.
Persons:
Fatih Karahan, Goldman Sachs, Karahan, Mehmet Simsek, ” Karahan, Hafize Gaye Erkan, ”, Erkan, Recep Tayyip Erdogan's, Erdogan, ___ Robert Badendieck
Organizations:
Finance, Turkish
Locations:
ANKARA, Turkey, Ankara, Turkish, Ukraine, Istanbul