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Turkey sets annual inflation rate target at 5.3%

English.news.cn   2013-05-01 00:15:26            

ANKARA, April 30 (Xinhua) -- Turkey's Central Bank on Tuesday anticipated the inflation rate to be 5.3 percent on average in 2013.

The bank expects consumer inflation to be 4.1 percent to 6.5 percent, with a midpoint at 5.3 percent by the end of this year, the bank's Governor Erdem Basci said.

"We are expecting the annual inflation to be set at an average of 5 percent from 2014," he said, adding that the bank is monitoring factors, such as global energy prices which could impact inflation closely.

The bank will maintain a "flexible monetary policy" supported by different tools so that they can adjust the fluctuations in global markets, Basci said.

He added that Turkey is looking to restore economic growth to above 4 percent in 2013.

On April 16, the bank cut its benchmark interest rate by 50 basis points to 5 percent, saying weak global demand and commodity prices should "contain the upward pressures on inflation."

Analysts speculated that the central bank will continue lowering interest rates in the coming months.

Editor: yan
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