Turkey's central bank spending more than a million to explain missed inflation targets

In order to explain the cause of missed inflation targets in meetings, Turkey's Central Bank spent more than 1 million Turkish Liras
Tuesday, 29 January 2019 13:22

Turkey's Central Bank spent 1 million 44 thousand liras in two years for five-star hotels to organize information meetings on inflation forecasts.

The bank, on the other hand, missed the targets for the last 8 years.

According to Erdoğan Süzer from Sözcü daily, the Bank held all its meetings in Ankara until January 2016 in its own building. This situation changed in April 2016 after Murat Çetinkaya became head of the Central Bank. All meetings are now held in five-star hotels.

According to the sources, a total of 387 thousand liras were paid to private tourism companies for four meetings in Sheraton, Hilton Istanbul, Hilton Ankara and Conrad hotels in 2017.
In 2018, a total of 656 thousand 750 liras were paid for four separate meetings held at the Sheraton, Hilton Istanbul, Shangri-La Bosphorus hotels. Thus, the total payment for eight meetings in two years reached 1 million 44 thousand liras (270 thousand US dollars).

The Head of Central Bank Murat Çetinkaya announced that the year-end inflation forecast for the fourth time was revised up to 23.5 percent from 13.4 percent. While 2018 inflation target was determined as 7 percent, Çetinkaya announced that they revised the figure to 7.9 at the end of January, 8.4 at the end of April and 13.4 percent at the end of July.

In 2017 the inflation rate was 11.92, while the Bank's target was 5 percent.