Turkey’s central bank reduces yearend inflation expectation

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This picture taken on August 2, 2018 in Istanbul shows a display of foreign exchange rates against Turkish liras at Istiklal avenue. The Turkish lira on August 1 slumped to record lows of 5.0 against the dollar as the US hit Turkey's justice and interior ministers with sanctions over the case of an American pastor on trial for terror-related charges. / AFP PHOTO / OZAN KOSE

The Turkish Central Bank has decreased its forecast for yearend inflation from 15.01 percent to 14.42 percent while increasing its expectation for the value of country’s national currency against the US dollar from 6.14 to 5.90, the Diken news website reported.

The bank on Friday issued its expectations poll conducted monthly on 62 economists based on data available as of August.

While expectations for yearend inflation decreased, month-on-month inflation for August and September increased from 0.85 percent to 1.26 percent and from 1.35 percent to 1.46 percent, respectively. Expected month-on-month inflation for October was 1.93 percent.

The forecast for the yearend current account deficit was also reduced, from $7.6 billion to $6.7 billion.

Anticipated 2019 GDP growth was revised from a 0.02 percent contraction to 0.02 percent growth.

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