NEWS Finance        29/07/2020

Turkish Central Bank raises inflation forecast for 2020 up to 8.9%

The Turkish Central Bank today revised its year-end inflation forecast to 8.9% for 2020, up from 7.4%. The Bank also forecast an inflation rate of 6.2% for 2021.

 

In his presentation of the Bank’s 2020-III Inflation Report, July 29th, 2020, Central Bank Governor Murat Uysal indicated that “despite the restraining effects of aggregate demand conditions, pandemic-related rise in unit costs have led to an increase in the trends of core inflation indicators”. Despite raising the inflation forecast after three months of price rises through the pandemic, he remained optimistic a downtrend would begin as soon as this month. Uysal

downplayed concerns about the bank’s depleted reserves, and said that the new forecast made no assumption about a second coronavirus wave. He added that the pace of economic recovery from the pandemic will depend on normalisation steps and containment measures are expected to shrink the economy this year. The annual inflation rate as of June 2020 was 12.62%.

 

Click here for Turkish Central Bank’s “Briefing on 2020-III Inflation Report July 29th, 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 16.19% in March 2021       Turkey’s official unemployment rate jumps to 13.4% in February 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