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Turkey’s central bank increases its yearend inflation expectation

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The Turkish Central Bank has increased its forecast for yearend inflation from 16.23 percent to 16.68 percent while decreasing its expectation on the value of country’s national currency against the US dollar from 6.20 to 6.43, the T24 news website reported.

The bank on Thursday issued its expectations poll conducted monthly on 65 economists based on data available as of May.

Turkey’s inflation slowed to 19.5 percent in April helped by more moderate rises in transportation and clothing, even while overall prices remained lofty in the midst of a recession.

The poll also foresees 0.3 percent growth in the Turkish economy by the end of 2019, marking a decrease from its previous 0.6 percent expectation.

The lira stood at 6.02 to the dollar on Thursday after hitting 6.19 last week due to strained relations with Washington and a decision to hold a new İstanbul mayoral election.

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