The Turkish Central Bank will ensure the strength and credibility of the Turkish lira with the determination of its fight against inflation, the bank’s new governor said on Tuesday.

“We will continue to use all the tools we have, independently and effectively,” Sahap Kavcioglu said during an ordinary general assembly of bank officials.

He stressed that the bank aims to achieve a lasting lower rate of inflation and that the one-week benchmark repo rate will continue to be the bank’s main monetary policy tool.

“The current high levels of inflation and expectations require tight monetary policy,” added Kavcioglu, who was appointed to the post on March 20.

Following his remarks, the Turkish lira’s exchange rate with the dollar, which reached 8.44 to the dollar at 13.45 (GMT1145), dropped to 8.33.

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