The Central Bank of Turkey announced intention to adjust its monetary policy stance in response to acceleration of the inflation rate in the country that hit the 15-year high last month.
In August the price growth in Turkey came in at 17.9%, exceeding analysts’ expectations. The regulator stands ready to take measures necessary for inflation stabilization, the statement of the central bank reads.
Year to date, the Turkish lira plunged by about 40% against the US dollar. The crash was triggered by concerns over a possibility of imposing control on the monetary policy by Turkey’s President Recep Tayyip Erdogan. It caused a rapid rise in prices of all goods starting from food and ending by commodities.
