Turkey fires Central Bank deputy governors Semih Tumen and Ugur Namik Kucuk, appointing Taha Cakmak as new deputy.
Governor Kavcioglu says Turkey will both make reserves permanent and implement a better system that funds production and exports.
Turkey's President Erdogan says accusations of depletion of central bank reserves are "wrong from beginning to end" and that the bank's reserves were neither given away to anyone nor wasted.
Sahap Kavcioglu pledges to tackle inflation which has been stuck in double digits for most of the last four years.
The central bank will implement confidence-oriented monetary policy to achieve its main goal of price stability, says Governor Naci Agbal.
Rating agency Fitch keeps Turkey’s credit status at “BB-” and revises outlook from “negative” to “stable”.
Turkish Finance Minister Lutfi Elvan says January inflation figures far from targets as country posts 14.97 percent annual rise in consumer prices for the past month.
Turkey’s central bank scraps rule that nudged banks to ramp up cheap lending, a step analysts see as a positive shift.
"We are working on both strengthening our economic policies and raising the bar of democracy and freedoms while easing daily life for our citizens," the Turkish president says.
"Turkey has shown a very impressive resilience, flexibility, and recovered and stabilised from the financial crisis of last summer," says Ed Parker of Fitch Ratings.
The Central Bank’s latest figures revealed the current account gap in June fell by nearly 82 percentage points year-on-year, improving from a nearly $3 billion deficit in the same month in 2018.
The net international investment position was minus $403.4B in June, says Turkish Central Bank
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