Central Bank of Türkiye Raises 2023 and 2024 Inflation Forecasts

Hafize Gaye Erkan, the President of the Central Bank of the Republic of Türkiye, announced an increase in the inflation forecasts for 2023 and 2024. The 2023 year-end inflation forecast was raised from 58 percent to 65 percent, and the 2024 year-end forecast from 33 percent to 36 percent. In a meeting, Erkan discussed inflation, monetary policies, and their impact on financial markets. She emphasized the commitment to using all available tools to combat high and volatile inflation until a significant improvement in the inflation outlook is achieved, highlighting the importance of price stability for social welfare.