The economic authorities conducted an evaluation of the Medium-Term Program (MTP) in a briefing held for both local and international media representatives.
Present at the meeting were Vice President Cevdet Yılmaz, Minister of Treasury and Finance Mehmet Şimşek, and the President of the Central Bank of the Republic of Turkey, Hafize Gaye Erkan.
Key points from Erkan’s remarks are outlined below:
“We anticipate that by 2024, the monetary policy’s effectiveness will start to become evident, narrowing the gap between domestic demand and supply, and subsequently, bringing inflation expectations under control. It’s important to note that the volatility in inflation and exchange rates throughout the year, particularly during transitional periods, may occasionally result in significant disparities between year-end calculations and annual averages.
“CONTINUED TIGHTENING UNTIL A FAVORABLE INFLATION OUTLOOK IS ACHIEVED”
We are committed to maintaining a process that aims to minimize abrupt price fluctuations while acknowledging the evolving balance. “As the Central Bank of the Republic of Turkey, we will persist in our monetary tightening efforts, utilizing all available tools, until a substantial improvement in the inflationary environment is realized.”