While the citizen, who became impoverished as a result of inflation that got out of control due to wrong economic policies and struggled with financial difficulties, was waiting for a thorough action from the economy management, an exemplary statement came from the Central Bank Governor Kavcıoğlu.
Kavcıoğlu, while it was 12 lira at the beginning of the year, for the dollar, which is 18 lira today,
said, "When we subtract the last 10 days, the least depreciated currency in the last month is Turkish Lira," and presented a small sample of the economic management of political power!
“When we subtract the last 10 days, the least depreciated currency in the last month is the Turkish Lira”
Central Bank Governor Şahap Kavcıoğlu announced the third inflation report of the year. The Central Bank, which raised its year-end inflation forecast from 11.8 percent to 23.2 percent at the first meeting of 2022 in January, and from 23.2 percent to 42.8 percent at the meeting in April, said that at the third meeting of this year. It also raised its inflation forecast from 42.8 percent to 60.4 percent.
President of the Central Bank of the Republic of Turkey (CBRT), Şahap Kavcıoğlu, at the information meeting held at the Central Bank Headquarters to promote the third inflation report of the year, said that they took the economic outlook as a starting point while producing medium-term forecasts.
Kavcıoğlu stated that the geopolitical risks that took place in the second quarter of the year and the energy, supply constraints and supply chain disruptions caused by the epidemic, the effects of which are still ongoing, adversely affected the global economic activity.
Sharing the inflation forecasts, Kavcıoğlu said following words:
"The midpoints of our inflation forecast range correspond to 60.4 percent at the end of 2022, 19.2 percent at the end of 2023 and 8.8 percent at the end of 2024. Thus, we raised our 2022 year-end inflation forecast from 42.8 percent to 60.4 percent with a 17.6-point update, and our 2023 year-end forecast from 12.9 percent to 19.2 percent with a 6.3-point update."
“JUNE INFLATION IS OUT OF THE PATH”
Kavcıoğlu stated that the consumer inflation realized as 78.6 percent on an annual basis in June and remained above the path envisaged in the April Inflation Report.
"We see that 81.5 percent of annual consumer inflation in June was driven by food, energy and core goods groups that were most affected by external shocks. On the other hand, core inflation indicators display a more positive outlook," he said.
“LIRALIZATION STRATEGY IS GOING WELL”
Kavcıoğlu pointed out that in the last three months, disruptions in global supply chains, ongoing geopolitical problems caused the high levels of transportation costs to continue above the historical average, and the negative outlook in domestic supply times continued, albeit partially improving.
THE GOVERNMENT DOESN'T KNOW WHAT IT IS DOING!
Turkey is going through the most troublesome economic period in its history, especially due to the extremely wrong economic policies implemented since 2018. When the negative developments in the external conjuncture are added to this, the alarm bells in the economy are ringing more and more every day.
The political power, who said that at the beginning of the year a new economic model was adopted and that we would grow with an increase in exports and a current surplus, gave up this model after a few months. The dollar rate, which fell to 12 liras at the beginning of the year and was tried to be restrained with the Currency Protected Deposit, stood at 18 liras at the point reached. The burden of Currency Protected Deposits, which turned into "wealth transfer from the poor to the rich", on the budget reached 37 billion liras in this process. 16 billion TL was paid for Currency Protected Deposits only in June.