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Turkey inflation to reach lowest level in 45 years: official

Xinhua, January 28, 2015 Adjust font size:

Erdem Basci, governor of the Turkish Central Bank, said Tuesday that inflation could drop to its lowest level in 45 years by end of the year.

He made the remarks in a speech at the briefing of the "first 2015 inflation report."

"If we remain cautious regarding the decreasing interest rate, we could witness the lowest inflation level in 45 years end of 2015," he said.

"Due to favorable developments with respect to inflation outlook, the bank decided on a measured cut in the one-week repo rate (policy rate) in January," said Basci, affirming that this trend and tight monetary policy stance will be maintained.

He said that decreasing oil prices, lower inflation rates and trade balance will positively affect the economy.

On the other hand, "despite weak external demands, macroprudential measures and declining oil prices support current account balance improvement," he said.

"We began to reap the benefits of our policies. Owing to the positive results of tight monetary policy stance and macroprudential measures, the trend of core inflation indicators significantly improved," he said, adding that "we expect the decrease of inflation to gain momentum by this month." Enditem