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The President of the Central Bank of the Republic of Turkey (CBRT), Fatih Karahan, stated in his presentation titled "Inflation Outlook in Turkey," held in Washington, that "The disinflation process is progressing in the right direction."
Karahan delivered a presentation on "Inflation Outlook in Turkey" as part of the annual meetings of the International Monetary Fund (IMF) and the World Bank held in Washington. Stating that "The disinflation process is progressing in the right direction. The core inflation trend continues to decline," Karahan noted that service inflation and administered prices are limiting the pace of disinflation. He mentioned that items within the scope of backward indexation have increased service inflation. "EXCESSIVE PRICES IN HOUSING ARE REVERSING"Karahan pointed out that leading indicators show a downward trend in rental inflation, stating that companies' pricing behaviors continue to improve.
He reported that the likelihood of price changes has decreased, emphasizing that the real sector's expectations regarding inflation continue to improve."ECONOMIC ACTIVITIES HAVE SLOWED DOWN"Karahan reported that economic activity has slowed down.
Indicating that domestic demand continues to slow, Karahan noted that 12-month inflation expectations continue to decline. He mentioned that the share of Turkish lira deposits continues to increase, and with the high transition to the Turkish lira, the decline in currency-protected deposits (KKM) accounts continues.
Emphasizing that the decrease in credit interest rates indicates an improvement in inflation expectations, Karahan stated that there has been a rapid increase in foreign exchange reserves.
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