The bank’s previous inflation report three months ago forecast year-end inflation of 38 per cent in 2024 and 14 per cent next year
Turkey’s central bank has raised its main rate to 50 per cent from 8.5 per cent since Finance Minister Mehmet Simsek was appointed last year
The bank has aggressively raised rates by 4,150 basis points since last June but it kept the policy rate unchanged at 50 per cent in April
Inflation hit a 24-year peak of 85 per cent last year and surged again in recent months as the lira weakened for a third year in a row