Central bank poll: Turkish lira will be valued at 4.83 to the dollar at yearend

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Turkey's Central Bank headquarters is seen in Ankara.

According to an expectation poll conducted by the Turkish Central Bank, 66 finance experts, executives and professionals predict that the Turkish lira’s value against the US dollar will be 4.83 at the end of the year, an increase from the 4.58 of a previous poll, the NTV news website reported on Thursday.

The expectation of the valuation for the same month next year also rose from 4.78 to 5.05.

The poll also indicates a forecast for a hike in the monthly consumer price index (CPI) for July, from 0.59 percent to 0.83, whereas CPI expectations for August and September are 0.59 and 0.87 percent, respectively.

For the annualized CPI at the end of the year, the expectation was also raised from 12.28 to 13.88 percent.

Participants of the bank’s poll also expect that the current account deficit will be around $54.8 billion at the end of the year, while it was $53.5 billion in the previous poll. For 2019, the forecast dropped from $50.6 billion to $50.3 billion.

Turkey’s CPI grew by 1.62 percent in May, according to Turkish Statistics Institute (TurkStat) data released in July, raising inflation to an annualized 12.15 percent.

The producer price index (PPI) also increased by 3.79 percent in the same month, growing by 20.16 percent year-on-year, the highest increase since 2003.

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