Turkish central bank dramatically raises year-end inflation forecast to 58% amid weak lira

Turkish central bank raises end-2023 inflation forecast from 22.3% to 58.0%.
New central bank governor Hafize Gaye Erkan vows to continue gradual monetary tightening to combat inflation.
Weakened lira is main factor behind upward revision of inflation forecast.
End-2024 inflation forecast also increased substantially from 8.8% to 33%.
Central bank aims to reduce inflation to 15% by end-2025 through strengthened monetary tightening.