Economic recovery gaining pace: Turkey's central bank

ANKARA

Turkey's Central Bank on Thursday said confidence and activity in the country were on a strong rise compared to both developed and developing economies.

Following a meeting with foreign investors, the bank shared on its website its presentation -- titled Macroeconomic Outlook and Monetary Policy in Turkey.

The presentation showed the country's economy outperformed many G20 countries in 2020's second quarter.

Noting that Turkish exports displayed a stronger rebound than previously envisaged, it said this would support the country's current account balance.

The bank also said its reserves covered the total short-term FX financial debt repayments.

Also, inflation is on a downturn following recent monetary tightening, it added.

In August, the central bank kept its policy rate unchanged, while taking a series of liquidity measures.

It also added that a pandemic-related rise in unit costs and accumulated exchange rate effects led to increasing trends in core inflation indicators.

Meanwhile, the bank acknowledged that uncertainties on domestic and external demand conditions remained significant due to the novel coronavirus pandemic.

It made clear that it would continue to use all available instruments in pursuit of the price stability and financial stability objectives.