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Erdogan Signals Low Interest Policy to Continue Post-Elections

TURKEY
  • President Erdogan has said low interest rate policy will continue after the elections in a televised interview to state-run broadcaster TRT Haber on Tuesday evening. “Inflation is not that great right now, it is a bit high but it has slowed down and will continue to slow down,” he said. In response to a question on whether the Turkey Economy Model will continue after elections, Erdogan answered “Of course”.
  • Additionally, Finance Minister Nureddin Nebati said that most of the targets set out in the Turkey Economy Model have been met, as per Hurriyet. Nebati also reiterated that the downward trend in inflation would continue, and the decline in prices would become more noticeable in May. “People noticed the downward move in inflation in December, and inflation expectations are improving now. Currently, inflation expectations are hovering around 10 percent.”
  • Inflation expectation in the next 12 months declined to 31.02% from 31.63% the month prior, according to the central bank’s April survey of market participants. 2023 GDP growth is still seen at 3.5% (Prior: 3.5%) while 2024 GDP growth is estimated at 4.4% (Prior: 4.4%). The end-2023 current account balance is seen at -$37.8bln (Prior: -$36.0bln).
  • Turkey's adjusted consumer confidence rose to 87.5 in April from 80.1 in March, data released by the Turkish Statistical Institute this morning revealed.
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