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Turkey’s central bank governor has vowed to take “gradual and decisive” steps to slow price growth as she acknowledged inflation was set to rise back up to almost 60 per cent by the end of the year.
Hafize Gaye Erkan, who was appointed in June, said inflation was expected to reach 58 per cent by the end of 2023, compared with a previous forecast in May of just over 22 per cent, driven by big rises in the minimum wage and sharp falls in the lira.
The central bank has more than doubled interest rates in the past two months and used other tools to tighten monetary policy but many independent economists have said policymakers must do more to fight inflation, which registered 38 per cent in June.
This is a developing story
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