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Turkey’s inflation to be single-digit by mid-2023

ISTANBUL (XINHUA) – Turkey’s annual inflation rate will be in single digit when the country will hold its presidential and parliamentary election in mid-2023, Turkish Treasury and Finance Minister Nureddin Nebati said on Saturday.

“With the fiscal policies and the steps we will take, we will enter the election time next year… with single-digit inflation,” the minister was quoted as saying by the state-run Anadolu agency.

Speaking to heads of non-governmental organisations in Istanbul, Nebati described the inflation, which hit 36.08 per cent year-on-year in December 2021 as a “hump”, noting that the figure would improve after the first quarter of this year.

Turkey has also been struggling against the sharp depreciation of the national currency in foreign exchange markets. The lira’s losses against the United States dollar reached 44 per cent last year.

According to Nebati, the government’s new economic scheme adopted on December 20, 2021 to rescue the currency has been working well, and the conversion of forex holdings to the Turkish lira will accelerate even further in the coming weeks.

He noted that more than TRY131 billion (USD9.69 billion) had been deposited in accounts as of Friday under the new scheme.

People shop at the Grand Bazaar in Istanbul. PHOTO: XINHUA
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