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At the same time, the Central Bank has kept its inflation target for next year at 13-19%, as outlined in its latest quarterly report.
Central Bank Governor Fatih Karahan stated that the institution plans to bring inflation down to 16% by the end of 2026.
"Although the decrease in consumer price growth observed since June 2024 has recently slowed, we will ensure it continues in line with our interim targets," Karahan said. "We remain committed to maintaining our tight monetary policy."
Inflation in Turkey unexpectedly rose to 33.29% year-on-year in September after a period of decline that lasted for the previous 15 months.
Despite this uptick, the Turkish Central Bank reduced its interest rate by 100 basis points in October, bringing it down to 39.5% per annum.
October's inflation data showed a slowdown to 32.87%, the lowest level since November 2021.
The Central Bank's quarterly report has led to increased expectations that the regulator will continue to take a cautious approach toward further rate cuts, according to Bloomberg.
source: bloomberg.com
Central Bank Governor Fatih Karahan stated that the institution plans to bring inflation down to 16% by the end of 2026.
"Although the decrease in consumer price growth observed since June 2024 has recently slowed, we will ensure it continues in line with our interim targets," Karahan said. "We remain committed to maintaining our tight monetary policy."
Inflation in Turkey unexpectedly rose to 33.29% year-on-year in September after a period of decline that lasted for the previous 15 months.
Despite this uptick, the Turkish Central Bank reduced its interest rate by 100 basis points in October, bringing it down to 39.5% per annum.
October's inflation data showed a slowdown to 32.87%, the lowest level since November 2021.
The Central Bank's quarterly report has led to increased expectations that the regulator will continue to take a cautious approach toward further rate cuts, according to Bloomberg.
source: bloomberg.com
