Central Bank of the Republic of Turkey's (CBRT) Governor Erdem Başçı said the CBRT is expecting the recovery in the current account balance to become more apparent once the August economic data is revealed and that the recovery is expected to continue until the end of the year. During the presentation he gave at the Turkish Banking Association, Başçı said that the CBRT, as part of "the road map for the normalization of global monetary policies," commenced implementing an extensive measures package while the monetary policies have a strong stance against high inflation rates and a balancing effect for the foreign liquidity, which will support financial stability.
Noting that with the increase in demand in the European Union economies, Başçı underlined that it is predicted that the contribution of net exports to the growth rate will increase in the second half of the year. He also noted that in order to limit risks arising out of the foreign currency rates' effects and the increase in expected inflation, they are applying a tight stance in their liquidity policies.
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