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Turkey’s central bank reduces yearend inflation expectation

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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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