The President of the Central Bank of the Republic of Turkey (CBRT), Hafize Gaye Erkan, has announced the year-end inflation report. Erkan stated that they are fighting against inflation in a stable manner and mentioned that they are working together with the Capital Markets Board (SPK) on cryptocurrency regulation.
CBRT Raises Year-End Inflation Forecast to 65%
Erkan, the President of CBRT, announced the year-end inflation report. According to the report, CBRT’s year-end inflation forecast has been raised from 58% to 65%. The year-end inflation forecast for 2024, which was 33%, has been updated to 36%, and the year-end inflation forecast for 2022, which was 15%, has been updated to 14%. Erkan said, “Controlling high and volatile inflation will be a long and challenging process.”
The President of CBRT stated that inflation will peak at around 70-75% in May 2024, and then the process of disinflation will begin. Erkan said that they expect a rapid decline from the peak with the cumulative effect of the steps taken after May, while also emphasizing that monetary tightening will continue until a significant improvement is achieved in the inflation outlook. Erkan used the expression “We will mostly see the effects in 2024.”
“We are Working with SPK on Cryptocurrency Regulation”
In response to a question about cryptocurrency regulation, TCMB President Erkan highlighted that the work in this field is ongoing. Erkan said, “We are working with the Capital Markets Board (SPK) on cryptocurrency regulation. The work is ongoing.”
It is known that various institutions, including TCMB, have been conducting various studies on cryptocurrency regulation for a long time. Experts believe that the first concrete developments in these studies will begin to be seen in 2024.
