Turkey's Central Bank

Turkey's Central Bank has lifted its annual consumer price inflation forecast for 2022 from 23.2 percent three months ago to 42.8 percent.

The bank, which unveiled its quarterly inflation report yesterday, said it also revised upwards its end-2023 forecast from a previous 8.2 percent to 23.2 percent. It expects the annual inflation rate to ease to 8.3 percent at the end of 2024.

Strong public finance will continue to be an important pillar of macroeconomic stability in Turkey, the country's treasury and finance minister said on Nov. 16.

"On the inflation front, unfortunately, we aren't at the level we desire," Lütfi Evan said in a speech at the Turkish Capital Markets Congress in Istanbul.

Turkey registered an annual increase of 19.89% in consumer prices in October, the country's statistical authority announced on Nov. 3. 

The annual inflation rose by 0.31 percentage points from 19.58% a month ago, while the figure was 11.89% in October 2020, the Turkish Statistical Institute (TÜİK) said.

Turkey's Central Bank (CBRT) on Oct. 28 revised up its year-end inflation forecasts for the next three years while keeping its medium-term target at 5 percent.

Turkey's annual inflation rate climbed in September compared to the previous month, the Turkish Statistical Institute (TÜİK) announced on Oct. 4.

Consumer prices rose 19.58% year-on-year last month, from 19.25% in August, TÜİK said.

The figure, however, was lower than market expectations as a group of 16 economists projected an average annual climb of 19.69%.

Turkey registered an annual hike of 18.95% in consumer prices in July, the country's statistical authority announced on Aug. 3. 

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The annual inflation climbed 1.42 percentage points from 17.53% a month ago, the Turkish Statistical Institute (TÜİK) said.

The figure was 11.76% in July 2020.

Turkey's Central Bank will release its third inflation report of 2021 later this week on July 29.

In the second report, which was unveiled at the end of April, the bank increased the year-end inflation forecast to 12.2 percent for this year, up from 9.4 percent in the January report.

The Turkish Central Bank (CBRT) and People's Bank of China (PBOC) expanded their swap agreement, which was signed in May 2019, by 35.1 billion Turkish liras ($4.12 billion) and 23 billion Chinese yuan ($3.59 billion).

Turkey's Central Bank governor on Dec. 16 said the risk of upward inflation will require a tight, decisive monetary policy stance in 2021, adding that it will be tightened if needed.

Consumer prices in Turkey went up in May compared to the same month last year, the country's statistical authority announced on June 3. 

May's annual inflation rate was up 11.39% from 10.94% in April amid coronavirus, Turkish Statistical Institute (TÜİK) data showed.