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Turkish President Erdogan has promised to fight rising inflation.



Turkish President Erdogan has pledged to fight rising inflation.

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As the Central Bank prepares to meet next week, Turkish President Recep Tayyip Erdogan has promised to reduce inflation, which hit 36.1% in December.

“Rising inflation is not in line with the realities of our country,” Erdogan told parliament on Wednesday.

As the Central Bank prepares to meet next week, Turkish President Recep Tayyip Erdogan has promised to reduce inflation, which hit 36.1% in December.

“Rising inflation is not in line with the realities of our country,” Erdogan told parliament on Wednesday.

According to Daily Sabah, the country’s inflation rate hit a 19-year high in December.

The Central Bank of the Republic of Turkey will meet next week.

Erdogan has long opposed raising interest rates, preferring to use other policy tools to fight inflation.

In an attempt to offset rising rates, the government has increased the country’s monthly minimum wage for 2022.

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

In 2021, the Turkish lira has lost 44% of its value, which many attribute to Erdogan’s aversion to raising interest rates.

According to Haaretz, Turkish businesses are starting to display signs with prices in US dollars.

On Friday, one US dollar was worth 13.55 Turkish liras.

Turkish Finance and Treasury Minister Nureddin Nebati said on Thursday he expects inflation to peak this month before falling to single digits in May.

“Right now we are in the middle of the December bump.

“We are going to enter a period where the impact of these two elements will subside this summer, both with lower food prices and in terms of global inflation,” he told Daily Sabah.

“Inflation will be in the single digits when we go to the general election in June 2023.”

According to Erdogan, current inflation does not reflect Turkey’s current economic policies.

“Inflation is a problem in our country.

In addition to inflation, Turkey also faces the thorny issue of exchange rate volatility.

“Inflation has remained relatively low compared to other countries,” he said.

According to a survey conducted by the Central Bank of Turkey, inflation will remain around 30% by the end of the year.

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