Turkey’s new central bank boss to hold talks with bankers: Report

In his first remarks after shock leadership overhaul, Sahap Kavcioglu said bank would continue to set policy to permanently lower inflation.

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 the Reuters news agency. In his first comments as governor, Sahap Kavcioglu said on Sunday the bank would continue to set the policy to permanently lower inflation, which has been stuck in double digits for most of the last four years. President Recep Tayyip Erdoğan abruptly sacked former central bank chief Naci Agbal in the early hours of Saturday, two days after a sharp interest rate increase, and named Kavcioglu, who like the president is an outspoken critic of tight monetary policy.