Turkish Central Bank President: We Will Gradually Tighten Monetary Policy

The new president of the Turkish Central Bank, Hafize Gaye Erkan, revealed today, Thursday, that the bank will gradually tighten its monetary policy and will continue to implement selective credit tightening measures. In a press conference in Ankara to announce the bank's quarterly inflation report, Erkan mentioned that inflation will rise in the short term, and the impact of measures will be seen in the second quarter of 2024. Erkan also stated that the Central Bank has raised its inflation forecast for the end of 2023 to 58% from 22.3% in the previous report, and has increased its inflation forecast for the end of 2024 to 33% from 8.8%. She added in her first press conference that the bank's inflation forecast for the end of 2025 is 15%.