Turkey Central Bank Gets Into Red as New Year Brings New Look

Pedestrians pass the headquarters of the Turkish central bank in Ankara, Turkey, on Wednesday, July 31, 2019. President Recep Tayyip Erdogan, who fired Turkish central bank Governor Murat Uysal’s predecessor for not lowering rates, said that Uysal’s 425-basis-point cut last week “is not enough." Photographer: Miguel Angel Sanchez/Bloomberg
Pedestrians pass the headquarters of the Turkish central bank in Ankara, Turkey, on Wednesday, July 31, 2019. President Recep Tayyip Erdogan, who fired Turkish central bank Governor Murat Uysal’s predecessor for not lowering rates, said that Uysal’s 425-basis-point cut last week “is not enough." Photographer: Miguel Angel Sanchez/Bloomberg

(Bloomberg) -- Turkey’s new central bank governor is quickly turning things around at the monetary authority -- even the look of its logo.

With the bank’s credibility restored by market-friendly messages and back-to-back interest-rate increases, Naci Agbal has turned to the finer details. He’s plumped for a red logo -- the shift from turquoise inspired by the country’s flag, according to a person with direct knowledge of the change. The central bank declined to comment.

Agbal, who inherited double-digit inflation, a tumbling lira and depleted foreign-currency reserves, pledged to keep policy tight and prioritize price stability in 2021. Investors and economists have welcomed his stewardship.

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