Hafize Gaye Erkan, President of the Central Bank of the Republic of Turkiye, said, “We plan to publish the digital money 1st phase studies report by the end of the year. In the second phase, legal and economic security aspects will be discussed in 2024.”
Erkan shared the 4th Inflation Report of the year at the information meeting she held at the Central Bank Administration Center.
Stating that they have updated their modeling frameworks to include the non-linear effects of major shocks in order to improve forecast performance, Erkan explained the inflation expectations for the next period.
Erkan said, “We updated the midpoints of this year-end forecast as 65% for 2023, 36% for 2024 and 14% for 2025. We revised the lower and upper points of the forecast ranges as 62 and 68% for 2023 and 30 and 42% for 2024. At this point, I would like to underline two points. First, we expanded the uncertainty range on our forecasts due to increased uncertainties regarding geopolitical risks and managed prices. Secondly, although we have updated our forecasts upwards, we evaluate that there will be no change in the start time, speed and course of disinflation.”
“We are determined to establish disinflation”
CBRT President Erkan said, “We are determined to establish disinflation selflessly and decisively for the welfare of the society. This is the greatest service we have to do for our society.”
“We plan to publish the digital currency phase 1 studies report by the end of the year.”
Erkan said, “We plan to publish the digital currency 1st phase studies report by the end of the year. In the second phase, legal and economic security aspects will be discussed in 2024.”
Source: Trthaber / Prepared by Irem Yildiz