By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
News About Turkey | NATNews About Turkey | NATNews About Turkey | NAT
  • News
    • Commentary
    • Economy
    • Politics
    • Sports
    • Art & Culture
    • Other
  • Commentary
  • Economy
  • Politics
  • Sports
  • Art & Culture
  • NAT TV
  • My Bookmarks
  • Jobs
    • Post Jobs & Ads for Free
    • Resumes
    • Candidate Dashboard
    • Submit Resume
    • Privacy Policy
Search
  • Submit an Op-Ed
  • Contact
  • Post Jobs & Ads for Free
© 2022 News About Turkey Network. Ruby Design Company. All Rights Reserved.
Reading: Turkey’s new cenbank head to meet bankers Sunday amid questions: sources
Share
Sign In
Notification Show More
Font ResizerAa
News About Turkey | NATNews About Turkey | NAT
Font ResizerAa
Search
  • News
    • Commentary
    • Economy
    • Politics
    • Sports
    • Art & Culture
    • Other
  • Commentary
  • Economy
  • Politics
  • Sports
  • Art & Culture
  • NAT TV
  • My Bookmarks
  • Jobs
    • Post Jobs & Ads for Free
    • Resumes
    • Candidate Dashboard
    • Submit Resume
    • Privacy Policy
Have an existing account? Sign In
Follow US
  • Submit an Op-Ed
  • Contact
  • Post Jobs & Ads for Free
© 2022 News About Turkey Network. Ruby Design Company. All Rights Reserved.
News About Turkey | NAT > Economy > Turkey’s new cenbank head to meet bankers Sunday amid questions: sources
Economy

Turkey’s new cenbank head to meet bankers Sunday amid questions: sources

News About Turkey - NAT
Last updated: 21st March 2021 5:58 pm
News About Turkey - NAT
Share
3 Min Read
SHARE

ISTANBUL (Reuters) – Turkey’s new central bank chief will hold a call with bank CEOs on Sunday afternoon, a day after he was appointed in a shock leadership overhaul that left investors predicting quick rate cuts and a lira selloff, two sources told Reuters.

In his first comments as governor, Sahap Kavcioglu said on Sunday he would continue to set policy to achieve a permanent fall in inflation, which is in double digits.

President Tayyip Erdogan abruptly sacked former central bank chief Naci Agbal in the early hours on Saturday, two days after a sharp interest rate hike, and named Kavcioglu, who like the president is an outspoken critic of tight monetary policy.

It was the third time since mid-2019 that Erdogan ousted the head of the central bank, denting credibility that Agbal had begun to restore with a more orthodox approach since he was appointed in early November, analysts said.

The online call with the heads of Turkey’s big private and public lenders will aim to address the current market and policy situation, said the two sources with direct knowledge of it.

The central bank did not immediately comment. Separately, central bank employees said Kavcioglu, a former lawmaker in Erdogan’s ruling AK Party, had visited its headquarters in Ankara earlier on Sunday.

The call could help bankers and their clients understand how policy might shift given Kavcioglu’s public calls for looser policy. Agbal had hiked the key rate to 19% from 10.25% since November, including a 200 basis-point rise on Thursday.

Turkish bankers and foreign investors told Reuters they had worked through the weekend to predict how quickly and sharply Kavcioglu might slash rates – and how much the lira would retreat from its Friday close of 7.2185 versus the dollar.

The heads of some local treasury desks estimated that offers could range from 7.75 to nearly 8.00 on Monday, bankers said. At Istanbul’s Grand Bazaar on Saturday, a dollar bought 7.80-7.90 of the local currency, one trader said.

Turkish stocks and bonds were also expected to drop in early-week volatility.

Reporting by Ebru Tuncay; Additional reporting by Nevzat Devranoglu in Ankara and Can Sezer in Istanbul; Writing by Jonathan Spicer; Editing by Catherine Evans

TAGGED:Banks (TRBC level 4)Capital Movement DataCENBANKCentral Bank of the Republic of TurkeyCentral Banks / Central Bank EventsCurrencies / Foreign Exchange MarketsCurrency InterventionEconomic News (3rd Party)Emerging Market CountriesEmployment / Unemployment Data / PolicyEuropeGovernorInflationInterest Rates / PolicyKey Personnel ChangesMiddle EastMonetary / Fiscal Policy / Policy MakersPicturesTrade / Current Account DataTurkeyus

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

    By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
    Share This Article
    Facebook Twitter Copy Link Print
    Share
    By News About Turkey - NAT
    Follow:
    Founded by a small group of Turkish/Kurdish scholars who have been subjected to persecution at the hands of the Erdogan dictatorship, News About Turkey (NAT) has emerged as a platform that is both exceptional and invaluable. Our objective is to provide you with a comprehensive and sophisticated understanding of the events and developments in Turkey (Türkiye), a country with profound historical and geopolitical importance, a vibrant culture, and a strategic location. Our founders, who have been purged by the Erdogan regime after the so-called coup attempt, are aware of the significance of journalism that is both free and independent. Because of this understanding, we are committed to providing reporting and analysis that is both objective and comprehensive. To give you the most thorough coverage of Turkey, we go further than just scratching the surface. Keep in touch with us so that you can have a better understanding of Turkey's developing story as well as vital and comprehensive news items. Whether you are a resident of Turkey, a member of the Turkish/Kurdish diaspora, or simply someone who has a strong interest in this vital country, we are the most reliable source for news that not only informs but also inspires and engages you.
    Previous Article Running Turkey’s Central Bank Is a Most Perilous Assignment
    Next Article Turkish lira teeters as new central bank chief flags no quick move
    Leave a comment Leave a comment

    Leave a Reply Cancel reply

    You must be logged in to post a comment.

    News About Turkey | NATNews About Turkey | NAT
    Follow US
    © News About Turkey
    • Submit an Op-Ed
    • Contact
    • Post Jobs & Ads for Free
    Welcome Back!

    Sign in to your account

    Lost your password?