Şahap Kavcıoğlu

Turkey's Central Bank will release its third inflation report of 2021 later this week on July 29.

In the second report, which was unveiled at the end of April, the bank increased the year-end inflation forecast to 12.2 percent for this year, up from 9.4 percent in the January report.

Newly printed 200 Turkish lira and 10 Turkish lira banknotes will go into circulation on July 16, ahead of next week's Muslim holiday of Eid al-Adha, or the Feast of the Sacrifice, said an official announcement.

The Turkish Lira cheered Central Bank Governor Şahap Kavcıoğlu's announcement late on June 22 that the country was in talks to secure currency swap agreements with four countries and was close to a deal with two of them.

Kavcıoğlu's remarks came during a meeting with bank executives, according to media reports.

Turkey's Central Bank on April 29 increased the country's year-end inflation forecast to 12.2% for this year, up from 9.4% in its previous report.

The figure is expected to fluctuate between 10% and 14.4% through the end of this year, Şahap Kavcıoğlu, the bank's governor, told a virtual meeting held to release the bank's second quarterly inflation report in 2021.

The Turkish Central Bank has been using the legal authority given to it by laws to keep the foreign exchange markets under control and protect the value of the Turkish Lira, Treasury and Finance Minister Lütfi Elvan said on April 19.

"The Central Bank has been using the inflation targeting regime since 2006," Elvan said in an interview with news channel NTV.

The Turkish Central Bank has prioritized financial stability and protecting the national economy during the COVID-19 pandemic and conducted foreign exchange transactions transparently during this period, Governor Şahap Kavcıoğlu said on April 16.

Turkey's central bank held rates steady at 19% as expected on Thursday and dropped a pledge to tighten policy further if needed, in its first decision since President Tayyip Erdogan fired the hawkish former governor and sparked a market selloff.

Turkey's central bank on April 15 held its main interest rate at 19 percent in the first decision since President Recep Tayyip Erdoğan sacked its former governor.

In its fourth Monetary Policy Committee (MPC) meeting under new Governor Şahap Kavcıoğlu, the bank made no changes to its benchmark policy rate - also known as the one-week repo rate- keeping it at 19%.

A Turkish opposition leader on March 31 criticized the president over frequent changes in the Central Bank leadership.

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 March 30. 

"We will continue to use all the tools we have, independently and effectively," Şahap Kavcıoğlu said during an ordinary general assembly of bank officials.