Turkish central bank chief sees less inflation and more loans in forecast

0
Central Bank Governor Murat Uysal PHOTO: Bloomberg

Turkey’s central bank chief said the economic recovery is strengthening according to preliminary indicators, and corporate loans should continue rising even as inflation edges down toward the end of the year as forecast, Reuters reported.

Governor Murat Uysal said the inflation outlook is “largely in line” with a central bank forecast that it will end 2020 around 8.2 percent, from just above 12 percent last month.

The 2018 currency crisis cut the Turkish lira’s value by nearly 30 percent, sent inflation soaring and severely crimped imports.

The central bank responded to the crisis by raising its policy rate to 24 percent, where it had stayed until last July. It has cut rates by 1,325 basis points since then in order to boost growth.

Liked it? Take a second to support Turkish Minute on Patreon!

LEAVE A REPLY