Finance Turkey’s lira flat ahead of quarterly inflation report By Reuters February 8, 2024 Reuters/Dado Ruvic The Turkish currency touched a record low of 30.6150 earlier this week The Turkish lira was flat against the dollar on Thursday, and hovered near a record low hit earlier this week, as investors kept to the sidelines ahead of a quarterly inflation report in which the central bank is expected to raise its forecast. The lira stood at 30.6050 against the greenback at 05:46 GMT, slightly weaker than Wednesday’s close of 30.5830. The Turkish currency touched a record low of 30.6150 earlier this week. In its November report, the central bank forecast annual inflation to ease to 36 percent by end-2024. The annual inflation rate stood at 64.86 percent in January. Turkey’s inflation rises to 64.86% in January Turkey and Russia to discuss gas and grain deals Turkey’s tourism revenue hits record $54.3bn in 2023 The report was scheduled to be presented by former governor Hafize Gaye Erkan, who resigned on Friday citing the need to protect her family from what she called a media smear campaign. She had aggressively hiked interest rates to 45 percent from 8.5 percent since June in order to cool inflation. Her successor, Fatih Karahan, a former central bank deputy, has pledged to carry on the tight policy. “The market expectation is that inflation will decline towards 45 percent after peaking at just over 75 percent in May. Therefore, we expect to see a limited upward revision in the 36 percent forecast from the central bank,” a treasury department trader of a bank said.
