The Central Bank of the Republic of Turkey (CBRT) sent an “Open Letter” to the Minister of Treasury and Finance Mehmet Şimşek on behalf of the government.
In the letter published on the website of the Central Bank of the Republic of Turkey, it is stated that it is also important to update the minimum wage once a year and to observe the inflation forecasts presented in the MTP in administered prices, wage and tax adjustments.
The letter stated that the rigidity in services inflation, inflation expectations, geopolitical risks and food prices keep the risks to inflation alive.
The letter stated, “The main objective and priority of the CBRT is to achieve price stability. Monetary policy will be formulated in line with this objective. The one-week repo auction rate will continue to be the policy interest rate, and in case of unanticipated developments in credit growth and deposit rates, policy steps will continue to be taken to support the monetary transmission mechanism.”