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MNI INTERVIEW: CBRT On Track To Hit Target- Ex-Deputy Governor

(MNI) LONDON

Last week's 2% inflation-target increase leaves Turkish interest rates about right, Fatih Ozatay says.

Turkish monetary policy is tight enough to ensure inflation returns to its new target by year-end, with only a minor contribution from recently-announced government spending cuts, making a rate cut possible within that time frame, former senior central bank official Fatih Ozatay told MNI

Inflation of 40-42% is achievable and would be in line with the central bank’s confidence band, said Ozatay, deputy governor from 2001-6, speaking after the Central Bank of Turkey revised its 2024 inflation target up 2% to 38% last week.

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Turkish monetary policy is tight enough to ensure inflation returns to its new target by year-end, with only a minor contribution from recently-announced government spending cuts, making a rate cut possible within that time frame, former senior central bank official Fatih Ozatay told MNI

Inflation of 40-42% is achievable and would be in line with the central bank’s confidence band, said Ozatay, deputy governor from 2001-6, speaking after the Central Bank of Turkey revised its 2024 inflation target up 2% to 38% last week.

Keep reading...Show less