Advance payments from a European Union recovery fund will finance investments worth 3.3% of the country's gross domestic product (around 5.5 billion euros) this year, Bank of Greece Governor Yannis Stournaras said on Wednesday while also calling on Greek banks to make additional provisions to cover an expected new wave of nonperforming loans.
With the stabilization of capital inflows and reversal of dollarization trend in deposit/participation funds, the Turkish Central Bank will increase its reserves through auctions, the governor said on Feb. 9.
"When the conditions are mature enough, we will share our plan for this with the public in an open and transparent manner," Naci Ağbal told a meeting with economists.
Turkish Central Bank Gov. Naci Ağbal said the economy has lost some pace recently but signs that Turks are shifting toward lira assets suggests a reversal in dollarization may come.
"We are working day and night to achieve lasting price stability," Ağbal told Reuters in an interview.
"We know we are in a difficult period."
Turkey's Central Bank on Jan. 28 kept the country's year-end inflation forecasts unchanged at 9.4% this year and 7% next year.
The inflation rate will fluctuate between 7.3% and 11.5% through end of this year, the bank's governor told a virtual meeting held to release the bank's first quarterly inflation report in 2021.