The year-end inflation expectation of market participants decreased from 28.30% to 28.04%. The 12-month inflation expectation also dropped from 25.26% to 24.55%.

The Central Bank of the Republic of Turkey (CBRT) announced the “Market Participants Survey” data for March 2025 period.

CPI EXPECTATION DECREASED

The market participants’ current year-end consumer price index (CPI) expectation was 28.30% in the previous survey period, while it became 28.04% in this survey period.

The 12-month CPI expectation was 25.26% in the previous survey period, and it decreased to 24.55% in this survey period. The 24-month CPI expectation also declined from 17.26% to 17.06%.

EXCHANGE RATE EXPECTATION DECREASED

The participants’ current year-end dollar/TRY expectation was 42.89 TL in the previous survey period, and it decreased to 42.79 TL in this survey period. The 12-month exchange rate expectation was 43.96 TL in the previous survey period, but it reached 44.42 TL in this survey period. The CBRT’s policy rate expectation at the end of the current month was 42.50% in this survey period.

GROWTH EXPECTATION INCREASED

The participants’ growth expectation for the year 2025 was 3% in the previous survey period, but it reached 3.1% in this survey period. The growth expectation for the year 2026 was 3.9% in the previous survey period, and it increased to 4% in this survey period.