Central Bank Governor forecasts 2015 inflation to be 6,1 percent

As Turkey goes through serious political difficulties at its borders with Syria and Iraq and the economy is not comfortable, Turkey’s Central Bank has raised inflation forecasts for this year  and next, citing high food prices and the government’s recent energy price increases.

Governor Erdem Başçı presented the bank’s quarterly inflation report on Friday and announced that they expected inflation to be between 8.4 percent and 9.4 percent by end of 2014 and 6.1 percent by end of 2015. In addition the credit growth rate was announced at 15 percent for 2015.

Başçı also stated that “The Turkish Lira was not currently overvalued,” citing the central bank’s quarterly inflation report.

In the meantime, it was reported by TurkStat that Turkey’s exports in September had increased 4.6 percent to $13.6 billion; imports had dropped 0.2 percent to $20.6 billion, when compared with September.

SOURCE: MEDIA