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TURKEY: CBRT Raise Year-End Inflation Estimate to 44%

TURKEY
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  • Turkey’s central bank raised its 2024 inflation forecast to 44% from 38%, CBRT Governor Fatih Karahan said at the presentation of the central bank’s latest inflation report. The 2025 forecast was revised higher to 21% from 14%, bringing both estimates more in-line with sell-side forecasts.
  • During the presentation, Karahan said the main inflation trend is improving but at a slower than expected. He added that the tight monetary policy stance will continue (even if the cutting cycle starts).
  • Treasury and Finance Minister Mehmet Simsek met with Chinese Vice Premier Zhang Guoqing in Beijing, Dunya report. Following the visit, Simsek said the sides decided to increase investments between the two countries to finance infrastructure investments, and to strengthen cooperation in the fields of energy, tourism, civil aviation and agriculture.
  • Hurriyet report that President Erdogan addressed the EU at a meeting in Budapest, saying, “There is no reasonable explanation for the obstruction for years of the accession process of a candidate country like Turkey, which makes significant contributions to the welfare and security of the continent.”
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  • Turkey’s central bank raised its 2024 inflation forecast to 44% from 38%, CBRT Governor Fatih Karahan said at the presentation of the central bank’s latest inflation report. The 2025 forecast was revised higher to 21% from 14%, bringing both estimates more in-line with sell-side forecasts.
  • During the presentation, Karahan said the main inflation trend is improving but at a slower than expected. He added that the tight monetary policy stance will continue (even if the cutting cycle starts).
  • Treasury and Finance Minister Mehmet Simsek met with Chinese Vice Premier Zhang Guoqing in Beijing, Dunya report. Following the visit, Simsek said the sides decided to increase investments between the two countries to finance infrastructure investments, and to strengthen cooperation in the fields of energy, tourism, civil aviation and agriculture.
  • Hurriyet report that President Erdogan addressed the EU at a meeting in Budapest, saying, “There is no reasonable explanation for the obstruction for years of the accession process of a candidate country like Turkey, which makes significant contributions to the welfare and security of the continent.”