Turkey to use all policy tools to ensure stability, says new Central Bank Governor

Ağbal (r) assumed office from Uysal on Saturday. (Photo: AA)

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The main goal of the Central Bank is to ensure and sustain price stability, the bank's governor Naci Ağbal has said in the first statement after his appointment.

Stressing the "decisive use of all policy tools in pursuit of price stability objective," Ağbal noted that the monetary policy communication would be strengthened in the framework of transparency, accountability and predictability principles.

The committee will make the necessary decisions at the meeting on November 19, he added.

On Saturday (November 7), President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan dismissed Murat Uysal as central bank governor and replaced him with former Finance Minister Naci Agbal.

The Turkish lira gained value today, following Ağbal's appointment and Berat Albayrak's resignation as the Minister of Treasury and Finance. The US dollar/Turkish lira exchange rate was down by around 4 percent versus Friday's close.

The USD/TRY exchange rate dropped to around 8.20 currently, from around 8.55 at Friday's close. (HA/VK)