Turkey Central Bank Thinks Tightening Adequate, Simsek Says.

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    • Subject Terms:
      MIDDLE East; TURKEY
    • Abstract:
      Turkish Treasury and Finance Minister Mehmet Simsek stated that the central bank believes its monetary policy is sufficiently tight, despite higher-than-expected inflation. This comes as global banks predict a more restrictive monetary policy. Simsek emphasized the need for patience and commitment going forward, and mentioned plans for additional selective credit tightening and quantitative tightening measures. The Turkish lira slightly decreased in value following this announcement. Some economists at JPMorgan Chase & Co. now anticipate a rate hike of up to 500 basis points in April. The central bank has previously increased rates by a total of 3,650 basis points in eight steps, and currently expects inflation to peak above 70% in May and end the year at 36%. [Extracted from the article]
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