TCMB Raised Interim Inflation Targets

The Central Bank of Turkiye (TCMB) raised its end-2026 inflation target to 26.0% and shifted to point forecasts, signaling no immediate policy changes amid uncertainties from the war in Iran. Goldman Sachs responded by raising its own inflation forecast for the country to 27.5%.

Key Takeaways

• 1.The TCMB raised its end-2026 inflation projection from 24.0% to 26.0% and moved from range to point forecasts.
• 2.TCMB signaled no immediate change in monetary policy, citing the need to monitor uncertainties related to the war in Iran and its impact on domestic demand.
• 3.Goldman Sachs raised its own end-2026 inflation forecast for Turkiye to 27.5% following an upside surprise in April inflation data.

Table of Contents

• Turkiye: TCMB Raised Its Interim Inflation Targets, Shifted from Forecast Ranges to Point Forecasts and Signaled No Change in Monetary Policy
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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