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Turkey’s central bank governor says recent steps were ‘front loaded’

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The head of Turkey’s central bank on Wednesday described recent policy steps as “front loaded,” after the bank slashed its key interest rate by 750 basis points in less than two months, Reuters reported.

Governor Murat Uysal, addressing an industry forum in Ankara, said the central bank must maintain its “cautious” stance even while he predicted a continued drop in inflation and a moderate recovery for Turkey’s economy.

“We anticipate risk premiums and financial volatility will also decrease in the coming period and that recovery in economic activity will continue,” Uysal was quoted as saying by the pro-government Daily Sabah.

President Recep Tayyip Erdoğan in July sacked Murat Çetinkaya, the former governor of the bank, after a dispute over decreasing interest rates.

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