Governor Kavcioglu says Turkey will both make reserves permanent and implement a better system that funds production and exports.
Cryptocurrency’s protection against inflation has been one of key drivers behind its popularity with the Turkish public.
Battle between economic optimism and fears about inflation and possible rate hikes that recovery will fuel has continued to play out on trading floors.
The Turkish economy expanded 5.9 percent in the fourth quarter, bringing the year-on-year growth of 2020 to 1.8 percent, the country's statistical authority announced.
Last month, the United States imposed sanctions on Turkey’s defence industry chief and others over Ankara’s acquisition of S-400 missile defence systems from Russia, a move that Turkey called a “grave mistake.”
Central bank governor says stability of Turkish lira a priority for policy decisions and that lira exchange rate has continued to create an upside risk on inflation.
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.
President Erdogan vows a new era to improve the investment climate in Turkey, in a speech that caused the US dollar to Turkish lira exchange rate to fall below 8.
Turkish Central Bank Chief Naci Agbal said 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.
Murat Uysal was appointed governor of the bank in July 2019, after former governor Murat Cetinkaya was dismissed.
Turkey's Finance Minister Berat Albayrak says the country's economy is expected to grow "between -2 percent and +1 percent this year, above the world average."
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