NEWS Finance        30/04/2020

Turkish Central Bank cuts inflation forecast for 2020 down to 7.4%

The Turkish Central Bank today revised its year-end inflation forecast to 7.4% for 2020, down from 8.2%. The Bank also forecast an inflation rate of 5.4% for 2021.


In his presentation of the Bank’s 2020-II Inflation Report, April 30, 2020, Central Bank Governor Murat Uysal said that the fall of 0.8% in the 2020 inflation forecast was largely due to downward revisions in projections for international commodity prices, especially crude oil and metal prices, and domestic demand and producer prices as a result of the weakening Turkish economy, all brought about by the effects of the coronavirus pandemic.


Turkey’s annual inflation rate was recorded as 11.86% in March 2020, down from 12.37% in the previous month of February.

Click here for Turkish Central Bank’s “Briefing on 2020-II Inflation Report April 30, 2020”


Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020