Turkey’s central bank raises year-end inflation forecast to 12.2%

“We have revised the year-end inflation forecast for 2021 up by 2.8 points to 12.2% from 9.4%,” Central Bank of the Republic of Turkey (CBRT) Governor Şahap Kavcıoğlu said as he announced the bank’s second quarterly inflation report of the year and the first under the new governor.

The bank also raised its forecast for 2022 to 7.5%, up from 7%, while it kept its 5% target for 2023. (ILKHA)