Turkish CB sticks to inflation target

The Turkish Central Bank (CB) would change its policy stance before revising its inflation forecast of 5 per cent, according to a presentation by Governor Erdem Basci at meetings of the International Monetary Fund (IMF) and World Bank. The comments, posted on the Central Bank’s website, re-emphasise the bank’s recent hawkish tone as it battles to rein in inflation while also supporting slowing economic growth. “The Central Bank strictly prefers revising its policy stance to revising its inflation forecast,” it said. “All policy actions will remain geared to attain the 5 per cent inflation target by mid-2013.”