Turkish lira gains value as new central bank chief pledges price stability

• 1 day ago

The Turkish lira has gained value as the new central bank governor assumed the charge. 

Newly appointed Turkish Central Bank Governor Naci Agbal said on Monday the bank’s “main goal” was to achieve and maintain price stability and that it will “decisively” use all policy tools in pursuit of this aim.

In a written statement after the former finance minister was appointed on Saturday to replace predecessor governor Murat Uysal, Agbal said policy communication will be strengthened in the framework of transparency, accountability and predictability principles.

The US dollar/Turkish lira exchange rate was down by around 4% versus Friday’s close.

The USD/TRY exchange rate dropped to around 8.20 currently, from around 8.55 at Friday’s close.

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