Turkish Finance Minister keen to reduce national inflation VIDEO

Turkish Finance Minister Mehmet Şimşek has said that his country intends to reduce the annual inflation rate almost twofold to 34 per cent next year compared to the current one.

Inflation in Türkiye was at its lowest levels since 2021 in June this year, just after the re-election of Turkish President Recep Tayyip Erdogan. At that time, it stood at 38.2 per cent in annualized terms. By September, the rate of price growth had risen to nearly 60 per cent, Caliber.Az report citing TRT Haber.

According to the forecasts of the Turkish Central Bank, annual inflation in the country at the end of the year will amount to 65 per cent. Experts admitted that it will reach 67 per cent.

According to Şimşek, Turkish financial authorities intend to bring inflation down to single digits in the future after reaching the target for 2024.

The Central Bank of Türkiye expects inflation to fall to 33 per cent in 2024 and 15 per cent in 2025.

[Türkiye'nin Orta Vadeli Programı]

Hazine ve Maliye Bakanı Mehmet Şimşek: Orta Vadeli Program'ın en önemli bileşeni fiyat istikrarıdır. Hedefimiz bu sene enflasyonu kontrol altına almak, gelecek sene sonu yüzde 34'e indirmek, daha sonraki yıllarda tek haneye düşürmek. pic.twitter.com/WmNvzHhiLY

— TRT Haber Canlı (@trthabercanli) November 30, 2023