CB revises economic expectations

Following release of inflation figures for May, higher than expectations, the Central Bank revised next year's inflation target to 7.5 percent from 4 percent. Speaking to Reuters, CB Governor Durmus Yalcin said that the bank would do its best to ensure price stability, and decrease inflation figures into one digit at the end of the year, which are expected to increase in summer. Durmus also underlined that the revision was needed for middle term planning, and that didn't mean the CB would make concessions on its tight monetary policy.