The change of Turkey’s central bank governor and stickier inflation opened room for more interest-rate hikes, which the bank under former Governor Hafize Gaye Erkan had indicated were ending in January, according to Deutsche Bank AG.

“Given our view of stickier inflation pressure in the near-term in combination with the appointment of the new governor, we see room for another 250 basis points or even 500 basis point of front-loaded tightening. The latter is not yet priced in,” strategists including Christian Wietoska wrote in note. As of Friday, the swap market was pricing almost no change in interest rates until May.