TBB President: It will take more than a year for inflation to reach the desired level

Alpaslan Çakar, Chairman of the Board of Directors of the Turkish Banking Association (TBB), made assessments of the Central Bank’s (CBRT) monetary and inflation policy.

Çakar said: “In my purely personal opinion, it will take more than a year for inflation to reach the desired level.”

Çakar, who is also CEO of Ziraat Bank, noted that international variables, tourism revenue, commodity prices and the effects of the war in Ukraine will be decisive, as well as internal stability.

INVESTMENT AND CURRENT DEFICIT

Çakar said that the tightening, which started with raising interest rates, was maintained with determined steps and showed a clear and determined stance towards inflation, making the following assessment:

“Unless we control inflation, we will not be able to maintain a healthy investment environment and ensure price and financial stability. We have to invest. We have to make high-value technological productions. We must convert this into exports and reach a level that allows us to run a current account surplus or manage a current account deficit.”

‘BALANCE OF LOANS FOR HOUSING 447 BILLION TL’

Çakar, who participated in Habertürk TV, also talked about housing loans.

Stating that the balance of housing loans is 447 billion Turkish liras, Çakar reported that 24 percent of housing loans have been granted since the beginning of the year, and this rate is 26 percent for Ziraat Bank. .