Here is the Central Bank's dollar forecast for 2025.

The Central Bank of the Republic of Turkey (CBRT) published the market participants survey for January. The year-end consumer inflation (CPI) expectation of the participants decreased from 45.3% to 27.05% during this survey period. The CPI forecast for 12 months later dropped from 27.07% to 25.38%.

The Central Bank of the Republic of Turkey (CBRT) published the market participants survey for January. The survey was answered by 68 participants consisting of representatives from the real sector and the financial sector, and the results were evaluated by consolidating the participants' responses. The expectations of the participants were as follows:

DOLLAR FORECAST IS 43 TL

• The participants' year-end consumer inflation (CPI) expectation for the current year was 27.05% during this survey period.

• The participants' year-end exchange rate (USD/TRY) expectation increased to 43.03 TL.

ONE AND TWO-YEAR EXPECTATIONS

• The CPI expectation for 12 months later was 27.07% in the previous survey period, while it was 25.38% in this survey period. The CPI expectation for 24 months later was 18.47% and 17.72% in the respective survey periods.

• The exchange rate expectation (USD/TRY) for 12 months later was 43.23 TL in the previous survey period, while it was 43.81 TL in this survey period.

INTEREST RATE EXPECTATION IS 45

The participants' overnight interest rate expectation for the end of the current month in the BIST Repo and Reverse Repo Market was 48.59% in the previous survey period, while it was 45.00% in this survey period. The one-week repo auction interest rate expectation of the CBRT for the end of the current month was 48.51% in the previous survey period, while it was 45.00% in this survey period.

GROWTH FORECAST IS 3.9

The participants' GDP growth expectation for 2025 was 3.1% in both the previous and this survey period. The GDP growth expectation for 2026 was 3.9% in this survey period.