Türkiye's Inflation Fight: Central Bank Head Expresses Confidence Despite Smaller-Than-Expected Rate Hike.

The newly-appointed central bank Governor of Türkiye, Hafize Gaye Erkan, expressed confidence in the government's determination to fight inflation, stating that all economic units are working hard to combat inflation in line with the government's economic targets. Erkan stressed the importance of price stability for financial stability and explained that they would combat inflation by ensuring both price stability and financial stability. The lira weakened as much as 3.3% to a record low of 25.74 against the U.S. dollar on Friday, after the rate hike fell short of market expectations of a larger initial tightening.