The new Turkish central bank (CBRT) Governor Uysal was on the wires last minutes, via Reuters, speaking in Istanbul to update the central bank’s base-case scenario for prices through the rest of 2019 and the following two years.
Key Quotes:
The downward revision in 2019 inflation driven by fall in food price inflation, assumptions in underlying trend of inflation, import prices.
The monetary stance is determined to yield a reasonable real rate.
Inflation expectations will be closely monitored.
Inflation trend is downward.
Used most of space in loosening monetary policy.
Aims to bring inflation down to single digits as soon as possible.
Monetary policy stance is in line with disinflation policy.
Since last MPC meeting, data flow has pointed to noticeable improvement in inflation.
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