Central Bank says ‘Turkish economy is resilient’

Dunya Executive - - OVERVIEW -

Supportive fiscal and macro-prudential policies have mitigated downside risks on the economy, the governor of the Central Bank said on Thursday. In a presentation made to investors at the International Monetary Fund and World Bank meetings in Washington, Murat Cetinkaya stressed that currency volatility had slowed shortly after monetary policies were tightened, according to a statement on the bank’s website. “The lagged impact of cost-push factors will ke ep inflation at elevated levels in the near term,” Cetinkaya said, adding that a tight stance in monetary policy would be maintained until the inflation outlook displayed a significant improvement. Cetinkaya also noted that inflation was expected to peak in April before gradually coming down in the coming period. “Recent macroeconomic developments indicate the resilience of the Turkish economy,” he said. “The contribution of exports to economic growth will increase throughout 2017.”

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