Istanbul: The Turkish Central Bank on Thursday projected that the country's annual inflation rate by year-end would be between 15% and 21%. The announcement was made during a press conference held by Governor Fatih Karan in Istanbul.

According to Anadolu Agency, the bank has also maintained its interim inflation targets at 16% for 2026 and 9% for 2027. Governor Karan further revealed the bank's new interim target for 2028, set at 8%. He reiterated that the bank aims for inflation to stabilize at 5% in the medium term.

Governor Karan emphasized the importance of a tight monetary policy stance throughout the disinflation process. He stated that this stance would be maintained until price stability is achieved, which is expected to strengthen the disinflation process through various channels, including demand, exchange rate, and expectations.

Turkey's annual inflation rate experienced a decline in January, easing to 30.65%, marking the fourth consecutive monthly decrease and the lowest level since November 2021. In its previous inflation report, the bank had projected that the inflation rate at the end of 2026 would be within the 13%-19% range.