Şehab Kavçoğlu, President of the Central Bank of Turkey, stated that in the second quarter of this year the country will witness a very high economic growth, and added about the inflation report for 2021, that while maintaining the interest policy, it will have a strong impact, and inflation will gradually approach the goals of the Central Bank.
He also said that the interest rate will continue at a higher level than inflation, in light of expectations and assumptions. Ban expects that the inflation rate will reach 14.1 by the end of this year, and 7.8 by the end of 2022, and the bank's goal is to bring the inflation rate to 5% by the end of 2023.
Cavusoglu highlighted that the Central Bank has maintained the interest rate since April until now, as proven by its firm stance in its monetary policy, while paying attention to inflation expectations and its high levels. He pointed out that according to the data followed by the Central Bank, they indicate a very impressive growth in the second quarter of the year. It is expected that the economic activity will continue to grow more stable during the second half of the year.
Qaoukji stressed that they will continue to use firm monetary policy tools to reach their goal, which is the stability of the lira. He added that decisions will be taken in a transparent and data-based framework.