The Governor of the Central Bank of the Republic of Turkey (CBRT), Şahap Kavcıoğlu, has announced that the bank is keeping its inflation projections unchanged at 22.3% for the end of 2023 and 8.8% for the end of 2024.

Despite inflation dropping significantly to 43.7% in April from its peak of 85.5% in October, Kavcıoğlu stated that the disinflation process was slightly slower than the bank's previous report due to issues in the unprocessed food market, an increase in wages and pension adjustments, acceleration in credit growth, and supply-demand mismatches.

Kavcıoğlu emphasized that the bank will use all tools of its Liraization Strategy to support an inflation path consistent with the forecasts and maintained the year-end inflation forecast at 22.3% for 2023 and 8.8% for 2024. (ILKHA)