CBRT Chairman Şahap Kavcıoğlu took action to define the inflation report. He made a presentation at the information meeting held at the Central Bank of the Republic of Turkey Administrative Center. In the briefing held after the presentation, he answered the questions of the journalists. Among Kavcıoğlu’s statements, Digital Lira was also included. Here are the details…
Digital Lira work continues
Şahap Kavcıoğlu, President of the Central Bank of the Republic of Turkey (CBRT), held an information meeting to inform the public about inflation forecasts. Kavcıoğlu stated that the CBRT expects the inflation rate to remain at 22.3% by the end of 2023. It also announced that it predicts that it will stabilize at 8.8% in 2024. In addition to inflation and economy issues, Şahap Kavcıoğlu also answered questions about the course of the digital lira proposed by Turkey’s Central Bank. During the briefing session, Kavcıoğlu answered a question about the status of the digital lira project.
Kavcıoğlu announced that the work on the digital currency is still continuing. He stated that the general managers of the CBRT are working intensively on the project. According to the statements, the pilot phase was successful. The CBRT is currently working with stakeholders to realize the next phases of the project. Kavcıoğlu pointed out that the project is on track. He confirmed that Turkey is ahead of many other countries in the world when it comes to digital currency development. cryptocoin.com As we reported, Turkey has been exploring the potential benefits of a central bank digital currency for some time now. In fact, our country is one of the most proactive countries in the world in exploring the possibility of digital money. The Central Bank of Türkiye has already conducted pilot tests for the currency.
Other topics at the meeting
Kavcıoğlu talked about the general health of the economy in the same session. It also discussed the progress made towards achieving a strong balance. It has been revealed that the Turkish economy is rapidly approaching the levels of developed countries when measured using the purchasing power parity index. Kavcıoğlu also stated that despite the decline in consumer spending after the earthquake, the Turkish economy showed strong signs of recovery. He also stated that the Turkish banking sector is stable and reliable, while the global economy faces upside inflation risks.
Finally, Kavcıoğlu expressed his confidence that the country’s balance of payments will continue to improve, as GDP is expected to grow by 5.6% in 2022. If successfully implemented, the digital lira will represent a major step forward for Turkey’s financial system. It will enable faster and more efficient transactions, while offering the possibility to increase financial inclusion. As the world moves towards a more digital financial future, Turkey’s CBDC development efforts are of great importance. Time will tell for developments on the subject in the coming period.
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