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Erdogan: Inflation will fall to “hoped-for levels” by the end of the year
Turkish President Recep Tayyip Erdogan said on Tuesday that inflation in Turkey will fall to “hoped-for levels” by the end of the year, adding that the economic program has begun to “yield positive results.”
Erdogan stated during a press conference in Ankara that the government would not allow "citizens to be crushed under the weight of inflation."
He continued, "We were not a government that did not listen to the voice of the street, and we will not be like that today. We are aware of the problems facing some segments of society due to the high costs of living."
Last week, Finance Minister Mehmet Simsek spoke about steps to develop the tax collection system and review spending within the framework of a “structural transformation” towards more balanced and sustainable growth.
Central Bank Governor Fatih Kara Khan and Finance Minister Mehmet Simsek have been leading Turkey's efforts that have been ongoing for nearly a year to control inflation by tightening fiscal and monetary policies.
Annual inflation fell to less than 72% last month from its peak in May, when it reached more than 75%.
The central bank raised the interest rate to 50% from 8.5% in June of last year.
