Egypt’s Financing Needs until End of June Amount to $4 Billion

Egypt’s Financing Needs until End of June Amount to $4 Billion

Türkiye’s central bank (CBRT) raised its year-end inflation forecasts for this year and next to 65% and 36% respectively, Governor Hafize Gaye Erkan said on Thursday.

The bank's previous inflation report three months ago forecast year-end inflation of 58% in 2023 and 33% next year.

Moreover, the 2025 inflation forecast was lowered from 15 percent to 14 percent.

Erkan told a press conference to present the CBRT's inflation report that disinflation would start after it peaked at around 70%-75% in May.

“As we have stated in our monetary policy decision documents, we also expect a decline in the underlying trend of monthly inflation. Nevertheless, we expect that there will be temporary rises in the monthly inflation path in November, January, and May owing to several factors that fall outside the scope of the monetary policy.”

“For example, we expect that households will exceed the free natural gas utilization limit once natural gas consumption increases in November. This will have an upward mechanical effect on inflation, causing a temporary rise in monthly inflation in November. As for January 2024, we expect the impact of minimum wage adjustments, the developments regarding services items with time-dependent price setting, and automatic tax adjustments to kick in.”

"The peak of annual