CBRT President Hafize Gaye Erkan said that inflation will decrease in the second half of 2024.๐น๐ท๐ฐ
In a recent address, CBRT Governor Hafize Gaye Erkan shed light on key developments shaping Turkey's economic landscape.
Here are the highlights:
An upswing in term deposit requests suggests a timely shift to the Turkish Lira.
Recognizing the pivotal role of investor confidence in influencing financial conditions and exchange rates.
As of November 17, gross international reserves soared past $134 billion, marking the highest level in the last 9 years. Notably, Western fund inflows played a significant role in this surge.
Emphasis on the goal to sustain the momentum in reserve increase, underlining a commitment to long-term economic stability.
Striving for exchange rate stability, bolstering current account transactions, and fostering continuous reserve growth.
The policy agenda includes a concerted effort to bring inflation down to single digits at the earliest.
Governor Erkan underscores that every policy decision is geared towards societal well-being.
While early signals of the monetary tightening process are emerging, the tangible effects are anticipated to be more pronounced in 2024.
In a nutshell, these insights provide a glimpse into Turkey's economic strategy, with a focus on resilience, sustainability, and fostering a positive trajectory for the nation's financial landscape.
