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FinancialNews


  • 01-02-22

    Turkish Central Bank reports to gov. on inflation via open letter

    (MENAFN) On Monday, an open letter was sent by The Central Bank of Turkey to the government to justify why inflation deviated from its goal and the procedures to achieve its targets regarding prices.

    "Instead of focusing on short-lived immediate gains, the CBRT (Central Bank of the Republic of Turkey) has initiated a comprehensive monetary policy review process to achieve sustainable and permanent price stability in the long run," based on the bank’s statement in the letter, assigning its regular inflation report which it stated "explains the reasons for the significant deviation of inflation from the targeted path."

    The bank had employed a medium-term inflation goal of 5 percent, but the most recent data from the Turkish Statistical Institute (TurkStat) demonstrated that the nation's yearly inflation rate stood at 36.08 percent during last year.

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