Turkey’s Central Bank targets to pull down inflation to single-digit figures

Murat CETINKAYA, the President of the Central Bank (CBT) has said the bank will persist in its tight monetary policy stance until a clear improvement in inflation outlook free of base effect and transitory factors and accord with targets are achieved. He also added they aimed to lower the inflation to a single-digit figure first with the goal bring it near desired target.

The President said, “We will maintain our position as long as there is a convincing decline in inflationary dynamics. We will closely monitor developments in inflation expectations, pricing behaviors and other factors affecting inflation, and if necessary, additional monetary tightening will be possible.” Our goal is to reduce inflation to single digits as soon as possible. All the monetary policy steps required in this direction will be taken with determination”.

“As the Central Bank, we will continue to set the agenda and contribute to the steps to be taken in structural areas.  Considering the contribution of price stability to social welfare, it is our responsibility to increase awareness in this area. We believe that a suitable ground can be created to put durable solutions into practice, faster and more effectively.