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Turkey: Central Bank Lowers End-2019 Inflation Forecast to 12%

Turkey: Central Bank Lowers End-2019 Inflation Forecast to 12%

Friday, 1 November, 2019 - 10:15
FILE PHOTO: Turkey's Central Bank headquarters is seen in Ankara, Turkey in this January 24, 2014 file photo. REUTERS/Umit Bektas/Files/File Photo

The Turkish Central Bank has lowered its mid-point inflation forecast for end-2019 to 12 percent while keeping it unchanged at 8.2 percent for end-2020.

Inflation was seen at 5.4 percent at end-2021 and 5 percent in the medium term, Governor Murat Uysal told reporters on Thursday at a news conference in Istanbul to present the bank’s quarter inflation report.

At the same time, in the southeastern city of Malatya, Turkish Finance Minister Berat Albayrak said inflation will hopefully fall below Ankara’s targets.

Speaking to business people in the city, Albayrak also said inflation may fall to around 8 percent in October and year-end inflation will hopefully be below targets.

In other economic news, the country's statistical authority said that Turkey’s foreign trade deficit stood at $2.1 billion in September.

TurkStat data indicated a 6.6 percent year-on-year rise in last month's figure.

Turkish exports rose slightly 0.3 percent on an annual basis to hit $14.4 billion in the month, while imports climbed 1 percent to $16.5 billion during the same period. 

The country's exports reached $125.8 billion, rising by 2.3 percent while imports totaled $148.4 billion, down 14.8 percent during the nine-month period.

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