CBRT did not change its inflation forecasts – Bloomberg HT

Central Bank Governor Şahap Kavcıoğlu announced that they kept their inflation forecasts at 22.3 percent for the end of 2023 and 8.8 percent for the end of 2024.

Kavcıoğlu, who made the presentation of the second Inflation Report of the year in Ankara, stated that “the exchange rate stability, the improvement in expectations and the decrease in commodity prices” were effective in the deceleration of inflation.

According to the statement, the bank increased its 2023 year-end food inflation forecast from 22 percent to 27.9 percent.

The assumption of 2023 average crude oil price decreased from $ 80.8 to $ 78.1.

Stating that the decrease in energy prices was taken into account when determining the forecasts, Kavcıoğlu stated that they also reflected the expectation that domestic food prices would follow a more consistent course with foreign prices in the rest of the year.

Some of Kavcıoğlu’s other prominent statements were as follows:

“The cost pressures on inflation have recently disappeared to a large extent. The Turkish banking sector maintains its safe and sound outlook with the support of the holistic strategy we have implemented.

High-frequency data show that the recovery in the country’s economy and in the disaster area is rapid. The remainder of 2023 will be a period in which the current account balance gets stronger.

Liraization strategy will continue to be implemented decisively. The policies we implement have the power to reduce inflation. As a result of our liraization steps and diversified reserve management, we have significantly increased the resilience of our reserves. We will maintain our strong reserve structure, which also serves as an important anchor in reducing the volatility in the foreign exchange markets.”

Kavcıoğlu said that their meetings will be held in Istanbul, at the Central Bank’s Finance Center building in the coming period.

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