Turkey’s new central bank chief assures that work to combat inflation will press on

By AYSE WIETING
Associated Press

ANKARA, Turkey (AP) — Turkey’s new central bank chief says the work to tame inflation — namely through interest rate hikes — will continue “with determination.” The comments Thursday by Fatih Karahan offer some certainty about efforts to right the battered economy following his precedessor’s surprise resignation. Speaking for the first time since taking the helm of the central bank on Saturday, Karahan said he expects inflation to drop considerably over this year and next. The bank’s former deputy governor, Karahan was part of a new team that have been tackling the country’s economic woes through higher borrowing costs. Karahan replaced Hafize Gaye Erkan, who resigned months into the job following accusations that her parents were exerting undue influence.