ISTANBUL (Reuters) - Turkey's annual inflation rate is expected to have hit 30.6% in December, according to a Reuters poll, breaching the 30% level for the first time since 2003 as prices rose due to record lira volatility.
ISTANBUL (Reuters) - Turkey's annual inflation rate is expected to have hit 30.6% in December, according to a Reuters poll, breaching the 30% level fo.
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ANKARA (Reuters) -Turkey’s central bank responded to a lira slide by raising its year-end inflation forecast on Thursday to 12.2% from 9.4%, and its new governor said tight policy would be maintained until price pressures decline.
Presenting a quarterly inflation report for the first time since he was appointed last month, Governor Sahap Kavcioglu said the policy rate, now at 19%, would be set above inflation, which topped 16% last month and is expected to rise more.
Kavcioglu sought in the presentation to convince economists that he would be as decisive as his predecessor, Naci Agbal, a respected policy hawk, in bringing down inflation to a 5% target over the next three years.
Turkey’s central bank responded to a lira slide by raising its year-end inflation forecast on Thursday to 12.2 percent from 9.4 percent, and its new governor said tight policy would be maintained until price pressures decline.
Presenting a quarterly inflation report for the first time since he was appointed last month, Governor Sahap Kavcioglu said the policy rate, now at 19 percent, would be set above inflation, which topped 16 percent last month and is expected to rise more.
Kavcioglu sought in the presentation to convince economists that he would be as decisive as his predecessor, Naci Agbal, a respected policy hawk, in bringing down inflation to a 5 percent target over the next three years.