Turkey's central bank raised its end-2023 inflation forecast to 58.0% from 22.3% in its previous report, its new governor, Hafize Gaye Erkan, said on Thursday, vowing to continue the bank's gradual monetary tightening.
She said the exchange rate of the lira, which has weakened sharply this year, was the main factor in the upward revision, with the end-2024 inflation prediction raised to 33% from 8.8%.
"Until a significant improvement in the inflation outlook is achieved, we will gradually strengthen monetary tightening as and when necessary," Erkan said.by 250 basis points to 17.5%, continuing to reverse President Tayyip Erdogan's low-rates policy but with a hike that was smaller than expected by markets.
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