ANKARA:
It clawed back some of its losses but was still down 9% at 7.93 to the dollar late Monday after analysts said state banks intervened to support the lira by selling foreign currencies. “Supporting the government doesn’t mean turning a blind eye to its mistakes,“ Sukru Kocak, 36, said on his way to work in downtown Istanbul.
Erdogan is known for his unconventional belief that high interest rates cause inflation – instead of tamping it down – and has placed a heavy emphasis on keeping them low to support growth. The new central banker is “more closely aligned with Erdogan’s unconventional economic notions,“ Britain’s Moneycorp brokerage said in a research note.
Kavcioglu himself said on Sunday the central bank will “continue to use monetary policy tools effectively in line with its main objective of achieving a permanent fall in inflation”.
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