Central Bank of the Republic of Turkey
Structural reforms to help lower inflation, says VP Yılmaz
Structural reforms will help the government bring inflation down to single digits, Vice President Cevdet Yılmaz has said.
"Inflation has reached levels we do not desire, and we see this as a problem," Yılmaz said at a speech he delivered at a meeting of the ruling Justice and Development Party's (AKP) Ankara branch.
Central Bank raises inflation forecasts
The Central Bank has raised its year-end inflation forecast from a previous 58 percent to 65 percent, while lifting the end-2024 forecast from 33 percent to 36 percent.
The annual inflation rate quickened from 58.9 percent in August to 61.5 percent in September.
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Government vows to reduce inflation
Monetary and fiscal policies will be used in the fight against inflation, according to the statement released after the Economy Coordination Board (ECB) meeting.
The board, chaired by Vice President Cevdet Yılmaz, convened on Oct. 30.
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Central Bank takes more simplification steps
Türkiye's Central Bank has announced additional steps under its plan to continue to simplify and improve the existing micro- and macroprudential framework.
The bank on Oct. 26 delivered a 500 basis points hike in its policy rate, the one-week repo auction rate, from 30 percent to 35 percent. The rate hike, which was the fifth time in a row, was in line with economists' expectations.
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Central Bank delivers another 500 bps rate hike
In line with market expectations, the Central Bank has increased its policy rate, the one-week repo auction rate, by 500 bps from 30 percent to 35 percent.
Since June, the bank has hiked the policy rate by 2,650 bps.
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World Bank has confidence in economic team’s policies: Lopez
The World Bank has confidence in the policies of Türkiye's new economic team, says Humberto Lopez, the bank's country director, adding that the economic outlook for the Turkish economy will improve in mid-2024.
Earlier in September, the global lender decided to more than double its funding for Türkiye to $35 billion over the next three years.
Erdoğan fully supports economic program: Şimşek
President Recep Tayyip Erdoğan has given his "full" support to the new economic policy, Treasury and Finance Minister Mehmet Şimşek has said.
Şimşek and Central Bank Governor Hafize Gaye Erkan met with journalists at a briefing on the government's new medium-term program in the capital Ankara.
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KKM deposits decline, show data
Money parked at the FX-protected deposit accounts, also known as KKM, has declined for the first time since the start of the year.
KKM deposits fell around 39 billion Turkish Liras from 3.41 trillion liras on Aug. 18 to 3.37 trillion liras ($124 billion) as of Aug. 25, the weekly data from the Banking Regulation and Supervision Agency (BDDK) showed.
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Şimşek dismisses claims about intervention in FX rates
Treasury and Finance Minister Mehmet Şimşek has dismissed claims that the Central Bank intervened in foreign exchange rates by selling its reserves.
The Treasury and the Central Bank are working to make Turkish Lira instruments more attractive, Şimşek wrote on X, formerly known as Twitter.
Price stability 'top priority,' says economy board
Establishing price stability remains the top priority for the government, read a statement released after a meeting of the Economy Coordination board, adding that members of the board also discussed details of the key medium-term program to be announced later this year.
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