Turkey's central bank ramped up its year-end annual inflation forecast to 23.2% from a previous 11.8%, but its chief dismissed the notion that a series of unorthodox interest rate cuts have sent inflation soaring and the lira tumbling.
When asked about the central bank's independence at a news conference, Governor Sahap Kavcioglu, who has been pressured to slash rates by President Recep Tayyip Erdogan, said the bank sets policy based on data.
