Turk cenbank chief sees slower inflation in Q2

Turkish inflation will drop to one percent monthly or less from summer 2001 as a $4 billion IMF-backed plan to cut chronic high inflation progresses, Central Bank head Gazi Ercel said on Feb 15. In an interview, Ercel said a slowdown in the economy and high interest rates would help dampen inflation. Monthly wholesale price inflation stood at 2.3 percent in Jan 2001.

Year-on-year wholesale inflation fell by 32 percentage points in the past 12 months to 28.2 percent in January. But some economi