Turkey’s inflation rate is expected to have risen to a near 24-year high of 76.55% in May due to high food and energy prices and a weakening pound, according to a Reuters poll published on Monday, while the median estimate for the end of the year amounted to 63.5%. Turkey’s consumer price index has risen […]
Tag: Central Bank of Turkey
Turkey: Central Bank keeps interest rates unchanged – Commerzbank expects new pound slump
The Central Bank of Turkey (TCMB) kept interest rates at 14% at its scheduled meeting at the end of each month. Analysts at Commerzbank had predicted the move, even describing the forthcoming decision as “another face-to-face meeting”. TCMB’s announcement is, once again, “unbiased”, as it has been for the last two quarters. The TCMB kept […]
Turkey in ‘inflation-devaluation spiral’ as pound continues to fall freely
Turkey is in a vicious circle of galloping inflation and currency devaluation, said a leading emerging markets analyst as the pound widened its losses against the dollar this year. The pound traded down 1.5% at $ 16.34 at noon on Thursday in Istanbul. It has lost 19% in 2022 after a 44% drop in value […]
Uncontrollable situation in Turkey: Central Bank forecasts 42.8% inflation at the end of the year
LAST UPDATE 12:36 Turkey raised its year-end annual inflation forecast to 42.8% from 23.2% three months ago, and also sees an average forecast of 12.9% at the end of 2023, according to a presentation on Thursday by Commander Sahap Kavtzioglou. The reason is that consumer prices have risen almost three times their original estimate, with […]
Turkey: Interest rate unchanged at 14% with inflation at a high of 20 years
The Turkish central bank kept the key policy rate unchanged at 14%, according to estimates, despite the fact that inflation in the country reached a two-decade high in March. The combination of the pound fall, higher commodity prices and the sharp rise in the minimum wage at the beginning of the year have contributed to […]
JPMorgan and Goldman Sachs see worse days for inflation in Turkey
Wall Street banks forecast more price pressures for Turkey on Monday, after the country announced that annual inflation rates climbed to a 20-year high of 61.14% in March. JPMorgan forecasts that Turkey’s annual inflation will be in the range of 65-70% by the end of the year, when it could fall to 44%: “The TCMB […]
Turkish Finance Minister happy that pound has bottomed out: ‘It has nowhere else to go’
The Turkish pound has reached its lowest point against the dollar, Economy and Finance Minister Nuredin Nebati said with pride. “They expect the dollar to reach 25 or 30 against the pound. Why do this? The Turkish pound is at its weakest point, it has nowhere to go,” Nebati said in a televised interview with […]
Turkey: Interest rates from the central bank unchanged at 14%
The central bank of Turkey has chosen to keep the key interest rate stable at 14% for the third consecutive month despite the continuing rise in inflation. Higher energy prices and a sharp rise in the minimum wage earlier this year, as well as a fall in the pound at the end of 2021, have […]
Commerzbank ‘sees’ dip in Turkish pound: Real interest rate fall without limit
The exchange rate of the Turkish lira against the dollar has temporarily stabilized after the implementation of rescue measures by the government of President Recep Tayyip Erdogan and the Central Bank of Turkey (TCMB). After a short pause, Commerzbank analysts expect the next big move in the exchange rate. “It is very unlikely that the […]
The Central Bank of Turkey kept interest rates stable at 14% (upd)
LAST UPDATE 13:31 The central bank of Turkey kept the key interest rate unchanged at 14%, as expected, for the second consecutive month, as inflation rose again last month. A further rise in inflation, which climbed to 48.7% in January from 36.1% in December, poses a dilemma for Turkey’s unorthodox economic experiment, which is based […]