Turkey central bank chief Agbal says no rate cuts for a long time this year

In his first interview since taking the reins three months ago, Agbal said the central bank intends to move ahead of the market, including swiftly hiking rates if there is any sign that inflation, now 15%, might drift higher than expected.

ISTANBUL: New governor Naci Agbal does not expect Turkey’s central bank to begin considering cutting interest rates from 17% until much later this year given upward pressure on already high inflation, and rate hikes are still a possibility, he told Reuters.

In his first interview since taking the reins three months ago, Agbal said the central bank intends to move ahead of the market, including swiftly hiking rates if there is any sign that inflation, now 15%, might drift higher than expected.