The Central Bank

Türkiye's annual inflation rate slowed further in August to 52 percent after reaching 61.8 percent in July, official data showed on Tuesday.

The Central Bank began to raise interest rates last year in an effort to battle soaring prices, after President Recep Tayyip Erdoğan dropped his opposition to orthodox monetary policy.

The main policy framework will not change, and the main objectives will be preserved when the medium-term program is updated in September, Vice President Cevdet Yılmaz has said.

Retail prices in Istanbul increased by 3.42 percent in June after rising 3.6 percent in the previous month, data from the Istanbul Chamber of Commerce (İTO) has shown.

The annual increase in retail prices also slowed from 82.2 percent in May to 82.1 percent last month.

Türkiye has a credible, robust program to bring inflation down, Finance Minister Mehmet Şimşek said, stressing that the monetary policy course correction "is largely done."

Türkiye's annual inflation will begin to decline sharply "in line with our predictions" after it reaches peak in May, Finance Minister Mehmet Şimşek has said.

His remarks came after the data from the Turkish Statistical Institute (TÜİK) showed on May 3 that the annual inflation rate accelerated from 68.5 percent in March to 69.8 percent in April.

Türkiye's annual inflation rate accelerated from 68.5 percent in March to 69.8 percent in April, the data from the Turkish Statistical Institute (TÜİK) showed on May 3.

Consumer prices, which rose 3.16 percent in March, advanced 3.18 percent month-on-month in April.

The Central Bank has announced that it will scrap the implementation regarding securities maintenance based on loan growth while raising the monthly maximum interest rates to be charged for credit cards. 

The bank said it is considering terminating the securities maintenance practice "in a short while."

The monthly increase in retail prices in Istanbul slowed from 4.07 percent in February to 3.93 percent in March, according to data from the Istanbul Chamber of Commerce (İTO).

On the back of the March reading, the annual inflation in Türkiye's megacity accelerated from 76.58 percent to 74.22 percent.

Prices rose by 15.42 percent compared with the end of 2023.

The number of people with unpaid consumer loans and credit card payments declined by 11.6 percent last year from 2022 to 1.32 million, according to data Encazip compiled.

In 2022, nearly 1.5 million people failed to make consumer loans and credit card payments, according to the numbers of the Turkish Banks Association's (TBB) Risk Center.

The real sector confidence index increased from 102 in February to 103.5 in March, the Central Bank has said.

Any figure above the 100-mark indicates optimism among businesses.

The sub-index of the general business situation surged from 89.5 to 91.1, the bank's data showed on March 22.