Economics

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

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By Cagan Koc

July 28, 2020 at 1:16 PM UTC

Updated on

July 29, 2020 at 11:06 AM UTC

This article is for subscribers only.

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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.