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Longer Wait Ahead for Turkish Rate Cuts After Inflation Reversal

  • Central bank raises forecast for end-2020 price growth to 8.9%
  • Turkish real rates to stay negative under updated 2020 outlook
A worker sprays disinfectant around cafe tables following the easing of lockdown in Istanbul on June 1.

A worker sprays disinfectant around cafe tables following the easing of lockdown in Istanbul on June 1.

Photographer: Kerem Uzel/Bloomberg
Updated on

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Turkey’s central bank surprised by raising its inflation projections for the end of this year by more than a percentage point, a sign it won’t rush to resume interest-rate cuts after a two-month pause.