Economic news

Turkey’s new central bank head plans tight monetary policy until inflation curbed

2024.02.04 15:19


© Reuters. FILE PHOTO: A emblem of Turkey’s Central Bank is pictured on the entrance of its headquarters in Ankara, Turkey October 15, 2021. REUTERS/Cagla Gurdogan/File Photo

ANKARA (Reuters) – Turkey’s newly appointed central bank governor Fatih Karahan stated on Sunday that his staff is set to keep up tight monetary policy until inflation falls to ranges in keeping with their goal.

Karahan changed Hafize Gaye Erkan on Saturday, hours after she resigned saying she wanted to guard her household amid a “reputation assassination”.

In his first remarks after his appointment, Karahan stated the precedence was value stability, and that he would proceed efforts to make sure disinflation, counting on a robust staff.

“We will be watchful of inflation expectations and pricing behaviour. We stand ready to act in case of any deterioration in the inflation outlook,” Karahan stated in a written assertion.

Karahan, 42, has a University of Pennsylvania economics PhD and labored as an economist on the Federal Reserve Bank of New York for nearly a decade, in keeping with his biography.

He additionally taught as an adjunct professor at Columbia University and New York University and labored for Amazon (NASDAQ:) as a principal economist in 2022.

Finance Minister Mehmet Simsek stated on Sunday that he was trying ahead to working with the new governor and his staff in implementing his authorities’s financial program.

“Governor Karahan is an excellent fit. With extensive experience, most of which was with the Federal Reserve Bank of New York, I have no doubt he will excel in this new role,” Simsek stated on social media platform X.

“We are committed to supporting the disinflation process through restoring fiscal discipline, while also implementing structural reforms,” he added.

Before being appointed to his new place on Saturday, Karahan was a deputy governor and a member of the bank’s monetary policy committee since July final yr.

Appointing one of many deputy governors to head the bank helps the Turkish finance ministry’s assertion that the present central bank technique is totally supported by President Tayyip Erdogan, Goldman Sachs stated in a notice to purchasers.

“We therefore view the appointment as positive as it should allay any concerns over a near-term loss of political support for the Bank,” it stated.

The new governor’s first public look can be in Ankara on Thursday when he’ll maintain a briefing on the primary inflation report of the yr, the central bank stated in a press release.

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