Central Bank of Turkey

The Turkish currency started losing its value against the dollar again today and fell to a record low, local media reported.

The Turkish lira traded today at 27.01 per US dollar.

In recent days, the euro was exchanged for 29.60 TRY.

Inflation in Turkey rose to a 20-year high in May, reaching 73.5% year on year. In just one month, consumer prices rose 2.98%, according to official data.

However, the increase is smaller than in previous months, signaling that price pressures may be slowing.

In May, the Central Bank of Turkey raised its inflation forecast by the end of 2022 from 46.44% to 57.92%.

The Central Bank of Turkey announced at a briefing on Thursday that it has revised its inflation forecasts and now expects them to grow by as much as 42.8% by the end of 2022, compared to a previous inflation forecast of 23.2%.

The Central Bank of Turkey has announced that it will hold an extraordinary general meeting on Feb. 3.

The advance payment of from the bank's 2021 profits to the shareholders and the distribution of reserve funds will be discussed at the meeting next month. The Treasury owns almost all shares o the Central Bank.

Turkey's seven largest banks have sufficient short-term foreign currency (FC) liquidity to service FC debt during the event of a brief market closure, Fitch Ratings said on Sept. 23 in a report. 

Consumer confidence in the Turkish economy posted a rise in February, the country's statistical authority announced on Feb. 18. 

The consumer confidence index stood at 84.5 this month, up 1.5% from 83.3 in January, the Turkish Statistical Institute (TÜİK) said.

The Central Bank of Turkey (CBRT) submitted an open letter to the government on Feb. 2 explaining why annual inflation was higher than the country's target range last year.

Turkey's annual inflation rate was 14.6% in December 2020, remaining outside the uncertainty band around the 5% target.

Consumer confidence in the Turkish economy recovered this month, Turkey's statistical authority announced on May 20.

The consumer confidence index hit 59.5 this month, an 8.5% rise from April when the figure was 54.9, the Turkish Statistical Institute (TÜİK) said.

The Central Bank of Turkey on April 22 reduced its one-week repo rate 100 basis points.

The bank's policy rate -- also known as the one-week repo rate -- fell to 8.75% from 9.75%.

The decision came in a statement from the bank's Monetary Policy Committee (MPC) meeting -- the fourth of twelve meetings scheduled for 2020.

Turkey's short-term external debt stock totaled $122.5 billion as of end of February 2020, the nation's Central Bank revealed on April 17.

Turkey's external debt stock -- maturing within one year or less -- rose by 0.9 percent in February, compared to the end of 2019, according to the Central Bank of Turkey (CBRT).