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Karahan Presents CBRT Inflation Report, End-2024 Estimate Unchanged at 36%

TURKEY
  • Newly appointed Governor of the Central Bank of Turkey, Fatih Karahan, delivered the central bank’s first inflation report of the year – where the 2024 year-end inflation estimate was left unchanged at 36% (end-2025 and -2026 inflation expectations remain unchanged at 14% and 9%, respectively).
  • While some sell-side desks had noted that Karahan may lean more hawkish than his predecessor, the Governor today largely struck familiar notes to previous central bank communication, noting that monetary tightness may be boosted if inflation expectations worsen, and that tight policy will be maintained for as long as needed. USDTRY has not reacted to the report.
  • In response to a question from a reporter, Karahan said the central bank does not see the need for additional rate hikes “at the moment”, adding that the Bank is not planning to decrease required reserve ratios. Note that the RRR for FX-protected accounts was reduced from 30% to 25% at the end of January, while that for accounts with TRY-denominated deposits was increased from 4% to 8%.
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