Governor Murat Çetinkaya's Speech on "Macroeconomic Outlook and Price Stability" – 08/03/2017, (2017-13)

No: 2017-13

8 March 2017

Governor Murat Çetinkaya’s Speech on “Macroeconomic Outlook and Price Stability”

In his speech on “Macroeconomic Outlook and Price Stability” at Denizli Platform of Industrialists, Merchants and Businessmen, Governor Murat Çetinkaya emphasized the following points:

•    Economic activity displays a moderate recovery while the underlying trend in the current account balance shows a resumption of the improvement trend.

•    Pass-through from recent exchange rate developments may lead to upside inflationary pressures in the short term; yet, with the support of the tight monetary stance, inflation is expected to trend downwards by mid-year.

•    Monetary tightening to contain the possible deterioration in the pricing behavior emanating from the recent exchange rate volatility has been largely effective. 

•    Heightened global uncertainty necessitates a cautious monetary policy stance. Accordingly, pricing behavior will be closely monitored and further monetary tightening will be implemented if necessary. 

•    The CBRT remains focused on the main goal of price stability. All policy instruments will be used effectively to attain this objective.

•    Additional support from structural policies is also essential for achieving price stability.

•    Encouragement of nonfinancial corporates for prudent borrowing and effective risk management is a structural dimension which can be further improved. 

Please click to access Governor Çetinkaya’s speech (in Turkish). 

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