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 49% to TL 17,002 (USD 577) as of 01.01.2024       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 decreases to 71.60% in June 2024       Turkey’s official unemployment rate is 8.4% in May 2024       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 85,372,377 as of 2023 yearend       No. of foreigners visiting Turkey in 2023 increases 10.4% to 49.2 million       Turkey’s private sector foreign debt is USD 164.1 billion as of yearend 2023       Turkey’s economy grew 4.5% in 2023       FDI to Turkey is USD 10.6 billion in 2023       Turkey’s current account deficit is USD 45 billion in 2023