Central Bank of Turkey

Turkish Inflation has Hit a 20-year High

Inflation in Turkey rose to a 20-year high in May, reaching 73.5% year on year. In just one month, consumer prices rose 2.98%, according to official data.

However, the increase is smaller than in previous months, signaling that price pressures may be slowing.

In May, the Central Bank of Turkey raised its inflation forecast by the end of 2022 from 46.44% to 57.92%.

Turkey's Central Bank cuts interest rates 100 bps

The Central Bank of Turkey on April 22 reduced its one-week repo rate 100 basis points.

The bank's policy rate -- also known as the one-week repo rate -- fell to 8.75% from 9.75%.

The decision came in a statement from the bank's Monetary Policy Committee (MPC) meeting -- the fourth of twelve meetings scheduled for 2020.

Turkey's short-term external debt stock at $122.5 bln

Turkey's short-term external debt stock totaled $122.5 billion as of end of February 2020, the nation's Central Bank revealed on April 17.

Turkey's external debt stock -- maturing within one year or less -- rose by 0.9 percent in February, compared to the end of 2019, according to the Central Bank of Turkey (CBRT).