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Central Bank of the Republic of Turkey (CBRT) President Murat Uysal, Covidien-19 carried out as a virtual epidemic within the scope of measures taken because of inflation Report 2020-II made a presentation at the Information Meeting.
The highlights of President Uysal’s speech are as follows;
“The rapid spread of the outbreak caused a sharp contraction in global economic activity.
It seems likely that manufacturing has not accompanied this slowdown, while social fuel measures have weakened the service sector.
The epidemic seems to have more profound effects than the global financial crisis.
The data indicates a marked slowdown for the second quarter.
The forecast uncertainty increased slightly in inflation.
In this process, we announce comprehensive liquidity measures.
It is estimated to be 7.4 percent in late 2020, and will stabilize at the 5 percent level in the medium term after the regression to 5.4 percent in late 2021.
The decline in annual inflation will accelerate from July.
The economy will recover in the second half of the year.
The adverse effects will be temporary.
Our boundary strengthening negotiations with central banks, which we already have an exchange agreement, are ongoing.
The pressure on exchange rates will gradually decrease.
We have no resources or exchange attempts with the IMF. “
President Uysal also said that measures like the short-term job subsidy on the employment side will prevent unemployment from rising to a very fast level.
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