Turkey's central bank sharply raises 2018 inflation forecast to 13.4% - Reuters

Central Bank of the Republic of Turkey, Turkish central bank, announced on Tuesday that it sharply raised its 2018 inflation forecast to 13.4 percent from 8.4 percent previously.

The central bank Governor Murat Cetinkaya noted the following at the bank’s quarterly inflation briefing (via Reuters):

The bank was lifting its 2019 year-end inflation forecast to 9.3 percent from the 6.5 percent announced in the previous report in April.

Data from the second quarter suggested economic activity was decelerating and had started rebalancing.

Inflation will show a limited increase in the third quarter.

A tight monetary policy stance would be maintained for a long time.