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Topic

Turkey's inflation

Turkish economy to return to form with 6.7pc growth in Q1, 5.5pc in 2021

Turkish economy to return to form with 6.7pc growth in Q1, 5.5pc in 2021

Published 26 May, 2021 08:13pm
  • Forecasts from 13 economists ranged from 4.5% to 7% for the full-year, while the median estimate was up from 4.5% in a February poll. For the first quarter, forecasts from 14 economists ranged from 5% to 7.5%.
  • Turkey's economy grew just 1.8% last year and 0.9% in 2019, well down from an average of about 5% over the last two decades.
Turkish central bank sees year-end inflation at 12pc, pledges tight policy

Turkish central bank sees year-end inflation at 12pc, pledges tight policy

Published 29 Apr, 2021 05:47pm
  • Kavcioglu sought in the presentation to convince economists that he would be as decisive as his predecessor, Naci Agbal, a respected policy hawk, in bringing down inflation to a 5% target over the next three years.
  • "We have given clear guidance ... saying that the policy rate will be above inflation and we will continue that," the governor said in a mostly prepared presentation. "We will continue the tight policy stance."
Turkish lira firms 1pc, recouping last week's losses

Turkish lira firms 1pc, recouping last week's losses

Published 27 Apr, 2021 06:38pm
  • The currency had declined on expectations of worsening ties between Ankara and Washington. Further pressuring the lira, Central Bank Governor Sahap Kavcioglu on Friday defended forex reserve sales under a previous administration aimed at providing support for the lira and said further rate hikes could damage the economy.
Turkey inflation above 16pc in test for new central bank chief

Turkey inflation above 16pc in test for new central bank chief

Published 05 Apr, 2021 06:13pm
  • The data was in line with forecasts and shows inflation has risen for six straight months to well above a 5% official target. It has been in double digits for most of the past four years.
  • There are signs the weaker lira is raising prices: the producer price index jumped 4.13% month-on-month in March for an annual rise of 31.2%, the Turkish Statistical Institute data showed.
Turkey's new central bank head promises investors tight policy

Turkey's new central bank head promises investors tight policy

Published 01 Apr, 2021 05:36pm
  • Two sources said that a senior bank official added on the call there would be no premature interest rate cuts, and that inflation was close to the upper bound of its forecasts.
  • President Tayyip Erdogan fired former governor Naci Agbal on March 20 in a shock move that sent the lira down 13% as investors predicted a quick pivot to loose policy, given Kavcioglu's past criticism of Agbal's tight stance.
Last minutes note: Turkey rate hike meant as volatility buffer

Last minutes note: Turkey rate hike meant as volatility buffer

Published 25 Mar, 2021 07:01pm
  • The bank hiked its policy rate by a more than expected 200 basis points on Thursday last week.
  • Two days later, President Tayyip Erdogan replaced the hawkish Agbal with a like-minded critic of high rates, Sahap Kavcioglu, in a shock move that sparked abrupt selloffs in the lira and Turkish assets.
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