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Turkish President Recep Tayyip Erdogan promises to reduce inflation

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Turkish President Erdogan pledges to reduce rising inflation

Turkish President Recep Tayyip Erdoan speaks before the United Nations General Assembly in New York in September. Erdogan pledged this week to reduce the country’s runaway inflation rate, which hit a 19-year high in December. File Pool Photo by Eduardo Munoz/UPI | License picture

Jan. 14 (UPI) – Turkish President Recep Tayyip Erdogan has pledged to bring down inflation – which hit 36.1% in December – as the Central Bank prepares to meet next week.

Erdogan said in parliament Wednesday that “the surge in inflation is not in line with the realities of our country”.

The December figure marked a 19-year high for the country’s inflation rate, the Daily Sabah reported.

The Central Bank of the Republic of Turkey is due to meet next week.

Erdogan has long opposed raising interest rates, preferring instead other policy methods to fight inflation. The government has increased the monthly minimum wage for 2022 in an attempt to offset rising rates.

In December, Erdogan replaced Turkey’s treasury minister as the country’s currency, the lira, continued to tumble.

The lira has lost 44% of its value in 2021, which many attribute to Erdogan’s reluctance to raise interest rates.

Turkish companies are starting to display signs showing prices in US dollars, Haaretz reported. On Friday, the exchange rate was one US dollar for 13.55 liras.

On Thursday, Turkey’s Treasury and Finance Minister Nureddin Nebati said he expected inflation to peak this month, before dropping to single digits in May.

“Currently we are carrying the December hump. In the summer, both with falling food prices and in terms of global inflation, we will enter a period where the impact of both will subside,” he said. he told Daily Sabah.

“We will enter the June 2023 general election with single-digit inflation.”

Erdogan told parliament that current inflation is not representative of Turkey’s current economic policies.

“There is an inflation problem in our country. Moreover, in addition to inflation, Turkey is also struggling with the painful problem of fluctuating exchange rates. Inflation growth has remained relatively lower than other countries,” he added. he said.

However, a survey conducted by Turkey’s central bank expects inflation to still be around 30% at the end of this year.

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