CBRT Governor Karahan's comments on the MTP: 'Consistent with the CBRT'

CBRT Governor Fatih Karahan evaluated the announced Medium-Term Program. Karahan stated, 'The macro framework in the MTP is consistent with the Central Bank's stance.'

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CBRT Governor Karahan's comments on the MTP: 'Consistent with the CBRT'

CBRT Governor Fatih Karahan spoke regarding the announced Medium-Term Program (MTP).

Responding to questions from journalists, Karahan stated that the macro framework in the MTP is consistent with the Central Bank's stance and made the following assessment:

'CONSISTENT WITH THE DISINFLATION PROCESS'

"The program projects a significant decline in the budget deficit. The budget deficit, which was 5.2 percent of GDP last year, is expected to fall to 4.9 percent this year, 3.1 percent next year, and subsequently below 3 percent. This situation is consistent with the disinflation process. When we look at the improvement in terms of the macro framework, we see that a significant portion of this comes from expenditures. The ratio of expenditures to GDP will decrease from 27 percent to 25 percent, and then to 24 percent. Therefore, when evaluated as a macro framework, we consider the program to be consistent with the disinflation process."

News Source: 12punto