Turkish lira gains value as new central bank boss assumes charge

The Turkish lira on Monday gained value as the new central bank governor assumed the charge. The US dollar/Turkish lira exchange rate was down by around 4% versus Friday's close. On Saturday, Turkey dismissed Murat Uysal as central bank governor and replaced him with former Finance Minister Naci Agbal. In a statement on Monday, Agbal stressed decisive use of all policy tools in pursuit of price stability objective. The monetary policy communication will be strengthened in the framework of transparency, accountability and predictability principles, he said. The USD/TRY exchange rate dropped to around 8.20 currently, from around 8.55 at Friday's close.