20.03.2025 09:00
The global banking giant JPMorgan has raised its inflation forecast for Turkey. The bank increased its year-end inflation expectation from 27.2% to 29.5% due to the impact of the detention of Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu.
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The global banking giant JPMorgan announced its new report following the recent political developments in Turkey. In a statement from the bank, it was noted that after the detention order for Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu, the jump in the exchange rate led to an upward revision of inflation expectations. The year-end inflation forecast was raised from 27.2% to 29.5%.
INFLATION AND INTEREST RATE EXPECTATIONS HAVE BEEN RAISED
In JPMorgan's assessment, it was stated that the decline in inflation would continue slowly. For the end of this year, it is predicted that inflation will rise from 27.2% to 29.5%, and the inflation rate for March is expected to increase from 2.3% to 3.2%. The assessment also predicts that the Central Bank of the Republic of Turkey (CBRT) will cut rates by 150 basis points at every meeting starting from April, raising the year-end interest rate forecast from 30% to 35%. It was noted that foreign carry trade positions in the Turkish Lira amount to 35 billion dollars, the foreign share in Turkish government bonds is 19.6 billion dollars, and the foreign ratio in stocks is 37% with 34.5 billion dollars.
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