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Turkey's new central bank chief assures that work to combat inflation will press on
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Sellers wait for customers in a food shop at Eminonu commercial area in Istanbul, Turkey, Wednesday, Feb. 7, 2024. Turkey's new Central Bank chief says tight fiscal policies to tame inflation will continue "with determination" forecasting a 14 per cent inflation rate by the end of 2025. - photo by AP Photo/Francisco Seco
ANKARA, Turkey (AP) — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering 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, Fatih Karahan, a former senior Goldman Sachs executive, said he expects inflation to drop considerably over this year and next. Karahan, who had been the bank's deputy governor, was part of a new team led by Finance Minister Mehmet Simsek that have been tackling the country’s economic woes through higher borrowing costs.