Turkish governor warns inflation is rising

Erkan says central bank will have to “take very careful steps” as president appoints new deputy governors

The Central Bank of the Republic of Turkey
Photo: CBRT

Turkey’s president appointed three deputy governors to the central bank today (July 28), one day after the governor significantly raised the official inflation forecast.

Hafize Gaye Erkan, governor of the Central Bank of the Republic of Turkey (CBRT), said in her first press conference that she expected inflation to reach 60% by the end of the year. Her remarks signal that she is looking to reverse the recent policy pursued by the central bank, which previously insisted inflation was falling.

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