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Turkey central bank raises inflation forecast
The head of Turkey's central bank raised its year-end inflation forecast on Thursday and vowed to maintain a tight monetary policy to rein in the country's runaway consumer prices. Consumer price growth accelerated to 69.8 percent in April despite a series of interest rate hikes. Central bank governor Fatih Karahan on Thursday raised the year-end inflation forecast to 38 percent, up from a previous estimate of 36 percent. The central bank began to raise its key rate in June 2023, gradually taking it from 8.5 percent to 50 percent after President Recep Tayyip Erdogan loosened his objections to such monetary policies. ... (full story)