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The Central Bank of Turkey indicated on Monday that it would take action against the "major risks" faced by price stability. Such a signal from the central bank is rare, aimed at calming financial market concerns after inflation soared to nearly 15-year highs.
The comments highlight the volatile outlook for prices during the Turkish exchange rate crisis and are seen as a harbinger of a rate hike by the central bank at its next meeting on September 13. The Turkish lira has fallen by 40% against the dollar this year, pushing up prices for everything from potatoes to gasoline and raising concerns about the impact on the economy as a whole.
Official data show inflation in August was 17.9%, exceeding market expectations and hitting a record since late 2003.
"Recent changes in inflation prospects indicate that price stability is at greatest risk. The central bank will take the necessary action to support price stability, "the central bank said shortly after the inflation figures were released.
"Taking into account the latest developments, the monetary policy position will be adjusted at the meeting of the Monetary Policy Committee in September."
For investors, the main question is whether the central bank can fully raise interest rates to curb inflation. The central bank kept interest rates unchanged at its last July meeting, and the market was expecting a rate hike, and Lira fell sharply.


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