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July 06
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Inflation in Turkey by the end of this year could reach almost 58% instead of the previously forecasted 46.4%, the NTV channel reported on Monday, citing data from the country's Central Bank.

The regulator conducted a survey among financiers, on the basis of which it published a Questionnaire of Market Participants' Expectations. It follows from it that inflation in Turkey by the end of the year may reach 57.92%, economic growth - 3.3% instead of 3.2% originally planned, the exchange rate of the national currency - the Turkish lira - 17.57 lira per US dollar, and a year later - 18.47 lira. On Monday, the lira is traded on the Istanbul Stock Exchange at a ratio of 15.9 to one dollar.

The Turkish lira began to depreciate sharply in May amid the release of inflation statistics for April. According to official data, it reached 70%, according to unofficial data, it approached 160%. Analysts believe that the Turkish currency will continue to depreciate due to rising inflation and the reluctance of the Central Bank to revise the discount rate, which has been at 14% since the end of last year.

According to the forecasts of market participants, Turkey's budget deficit by the end of 2022 could amount to $34.4 billion, compared with previous expectations of $27.5 billion. Financiers predict a $22 billion budget deficit for Turkey next year.

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