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Recent economic and financial developments in Turkey

· Fatih Karahan, Governor of the Central Bank of the Republic of Türkiye (Türkiye)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates, inflation and price stability, development and emerging economies

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· Fatih Karahan Wiki · Central Bank of the Republic of Türkiye WikiRecent economic and financial developments in Turkey

ContextAddress to shareholders at the central bank's 93rd ordinary general assembly in Ankara; the Central Bank of the Republic of Türkiye fights high inflation and rebuilds foreign reserves.

Why it mattersThe Turkish governor defends the emergency rate hike to 50% after market turbulence.

Problems raised
  1. High inflation required strong tightening.
  2. Pricing behaviour deteriorated.
  3. Demand weakened.
Solutions proposed
  1. Raise the policy rate to 50%.
  2. Anchor inflation expectations.
  3. Make price stability the central bank's main contribution.
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