Central Bank lowers Turkey year-end inflation forecast

Turkey's Central Bank on Thursday cut the year-end inflation projection for 2019.

The bank said it expected Turkey's year-end inflation rate to hit 12% for 2019, down from 13.9% in its previous report, the Central Bank governor said in presenting the latest inflation report.

Murat Uysal said the figure will fluctuate between 11.2% and 12.8% through the end of the year with a 70% probability.

The forecasts for 2020 and 2021 were unchanged at 8.2% and 5.4%, respectively, he added.

Under Turkey's new economic program announced by the government in September, the country's inflation rate target is 12% this year, 8.5% next year, and 6% in 2021.