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6 months ago
Turkey's cenbank to use all instruments to pursue price stability, governor says
February 9, 2017 / 9:57 AM / 6 months ago

Turkey's cenbank to use all instruments to pursue price stability, governor says

ANKARA, Feb 9 (Reuters) - Turkey's central bank will continue to use all available instruments in pursuit of its price stability objective, Governor Murat Cetinkaya said on Thursday, according to a summary of his remarks released by the bank.

In a speech to investors in London, Cetinkaya also said that inflation may further edge up in the short term before gradually coming down to 8 percent at the end of the year.

The bank's current policy stance indicates a "clear and stable tightening" that will be preserved until there is a significant improvement in inflation dynamics, he said.

The central bank will stick with unorthodox measures to keep borrowing costs at five-year highs at least until inflation peaks this year, according to people familiar with its thinking. (Reporting by Nevzat Devranoglu; Writing by David Dolan; Editing by Daren Butler)

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