STORY: Turkish market participants lower year-end inflation expectation to 42.95 pct: survey
SHOOTING TIME: July 19, 2024/File
DATELINE: July 23, 2024
LENGTH: 00:01:21
LOCATION: Ankara
CATEGORY: ECONOMY

SHOTLIST:
1. various of the central bank of Türkiye (file)
2. various of Turkish lira (file)
3. various of people on the streets (Source: Ihlas News Agency)
4. various of the speech of Turkish Treasury and Finance Minister Mehmet Simsek (Source: Ihlas News Agency)
5. various of people on the streets (Source: Ihlas News Agency)

STORYLINE:

Market participants in Türkiye adjusted their year-end inflation expectation to 42.95 percent, down from previous estimates, a central bank survey revealed on Monday.

The central bank released findings from its July 2024 Survey of Market Participants, aggregating responses from 65 participants across the real and financial sectors to provide insights into current economic expectations.

The survey highlighted a decrease in participants' year-end inflation expectations from 43.52 percent in June to 42.95 percent in July.

Additionally, the survey indicated that the 12-month-ahead inflation expectation, which was 31.79 percent in the previous survey period, decreased to 30.02 percent this month.

Meanwhile, there was a slight decrease observed in the year-end U.S. dollar/Turkish lira expectation, dropping from 37.75 liras in June to 37.37 liras in the current survey period.

Commenting on the survey, Turkish Treasury and Finance Minister Mehmet Simsek said on social media platform X that "inflation expectations are approaching our targets."

"The fact that expectations are improving when actual annual inflation is on the rise shows the belief that our disinflation policies will be successful," he said. "Although we expect an increase in monthly inflation in July due to temporary effects, we anticipate a significant decline in annual inflation."

Türkiye has long been struggling against persistently high inflation, which hit 71.60 percent in June, while the Turkish government has been taking measures to curb the rise.

Xinhua News Agency correspondents reporting from Ankara.
(XHTV)