Skip to content Skip to Search
Skip navigation

Turkey’s central bank aims for disinflation in H2 2024 

The main priority is to achieve price stability, said Turkey's new central bank governor Fatih Karahan Turkey central bank
Turkey will maintain tight monetary conditions that will lower inflation, said central bank governor Fatih Karahan

Turkey will see disinflation in the second half of the year, the Turkish central bank governor Fatih Karahan has reiterated.

Ankara will maintain tight monetary conditions that will significantly lower the monthly inflation trend, he said at a meeting with the Turkish Banks Association management. 

“Our determined stance on monetary policy will enable us to successfully achieve our targeted disinflation path,” he said.



Last month the central bank raised its key interest rate by 500 basis points to 50 percent from 45 percent following a deteriorating inflation outlook.

The move comes after monthly inflation was higher than expected in February, driven by services inflation, the monetary policy committee said.

Inflation reached 67.07 percent in February.

Global rating agency Fitch has already upgraded Turkey’s long-term foreign currency issuer default rating to “B+” from “B”, driven by greater-than-expected monetary policy tightening to control inflation.

In February, finance minister Mehmet Şimşek said Turkey’s measures to curb inflation will prove effective and it should decline in the second half of this year.

The medium-term programme, launched in September 2023, intends to achieve price stability and single-digit inflation, he said.

Latest articles

A Turkish pistachio farmer. Prices for shelled pistachios have risen to $41 a kilo.

Chocolate trend sends Dubai nuts for Turkish pistachios

It may have started with a UAE resident trying to assuage her hunger cravings during pregnancy, but the latest taste sensation to sweep the Middle East and beyond is causing contractions in the supply of Turkish pistachios as demand for Dubai chocolate swells. Turkey is in line to post a record high pistachio harvest for […]

Water, Waterfront, Outdoors

RAK Properties revenue up 30% on new project launches

RAK Properties reported a 30 percent year-on-year increase in revenue to AED891 million ($242.6 million) in the first nine months of 2024. The top line growth was supported by Mina Al Arab’s project portfolio expansion across residential, commercial and hospitality projects. Net profit rose to AED133.4 million in the first nine months, up 21 percent, […]

Sefe CEO Dr Egbert Laege and Adnoc executive vice president Fatema Al Nuaimi sign the long-term LNG supply deal

Adnoc signs 15-year supply deal for Ruwais LNG

Adnoc, the Abu Dhabi state oil company, has signed its first long-term sales and purchase agreement for the lower-carbon Ruwais liquefied natural gas (LNG) project. The 15-year, 1 million tonnes per annum (mtpa) agreement was signed with Sefe Marketing and Trading Singapore, a subsidiary of Germany’s Sefe – Securing Energy For Europe – at the […]

Lucid has begun taking orders for its Gravity electric SUV

Lucid reports higher revenue but steeper losses

Saudi-backed US luxury electric vehicle maker Lucid reported a larger net loss than last year in the third quarter, but said revenue rose 45 percent, slightly ahead of Wall Street expectations. The company’s losses of $992.5 million in Q3 compared with $630.9 million in 2023. Revenue reached $200 million, narrowly beating estimates of $198 million.  Lucid […]