Inflation drains Turkish budget

 

Governor of the Central Bank of Turkey Erdem Basci predicts an inflation rate of 8.9% in 2014 and 6.1% in 2015. He added that the Central Bank will continue focusing on a strict financial and credit policy until the situation improves, RIA Novosti reports.Turkey had initially predicted an inflation level of 5.3% for 2014, then the level was changed to 6.6% and 7.6-8.4%. The unemployment rate reached 9.8% in August, reaching a record since October 2010. The budget deficit totaled 9.2 billion liras ($4 billion) in September.

 

Governor of the Central Bank of Turkey Erdem Basci predicts an inflation rate of 8.9% in 2014 and 6.1% in 2015. He added that the Central Bank will continue focusing on a strict financial and credit policy until the situation improves, RIA Novosti reports.

Turkey had initially predicted an inflation level of 5.3% for 2014, then the level was changed to 6.6% and 7.6-8.4%. The unemployment rate reached 9.8% in August, reaching a record since October 2010. The budget deficit totaled 9.2 billion liras ($4 billion) in September.