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Erdoan promises “permanent reduction” in inflation

Erdoan promises “permanent reduction” in inflation

 


ISTANBUL

Erdoan promises permanent drop in inflation

President Recep Tayyip Erdoan has underlined his government's commitment to achieving a sustainable reduction in inflation.

“The main priority of our economic program is to increase the well-being of our nation by reducing inflation to single digits,” Erdoan said at an event in Istanbul on May 25.

The annual inflation rate in Trkiye increased from 68.5 percent in March to 69.8 percent in April. Erdoan acknowledged the rise, but forecasts that inflation will peak on an annual basis in May before beginning a rapid decline.

“Thus, we will enter a period of disinflation from the second half of the year. Market expectations also strongly support our forecasts,” he said. Erdoan assured that no additional inflationary pressure would be introduced by fiscal policy.

Erdoan stressed that monthly inflation was slowing in line with targets. “We are not aiming for temporary relief, but a permanent reduction in inflation,” he noted.

The president also said that investor confidence in the country was growing.

Earlier this month, the Central Bank adjusted its year-end inflation forecast to 38 percent from 36 percent previously, while maintaining its forecasts of 14 percent for 2025 and 9 percent for 2026 .

“Our country risk premium has declined to pre-pandemic levels. Interest from local and foreign investors in Turkish lira assets has increased,” Erdoan said. He added that the refinancing rates of external debt of the banking and real sectors have improved.

Despite capital outflows from developing countries in recent months, Trkiye has seen an increase in capital inflows, according to Erdoan.

Looking ahead to the upcoming presidential elections in 2028, Erdoan pledged to use the intervening period effectively and avoid unnecessary conflicts.

“Hopefully, we will turn this painful period that the whole world is going through into a historic springboard for Trkiye and the Turkish economy,” he said, “as long as we do not listen to the disastrous merchants who are trying to demoralize the nation . for their own petty interests. »

Earlier last week, Erdoan affirmed Trkiye's credibility as an investment center.

“No entrepreneur who had the objective of earning by doing [Trkiye] I later regretted this victory,” he said at an event in Istanbul on May 24.

Erdoan further pledged to strengthen cooperation on a mutually beneficial basis, outlining his plans to elevate Istanbul's status as a financial powerhouse.

“No one who trusted Trkiye regretted it,” he said, emphasizing the availability of Turkish institutions to support investors.

Sources

1/ https://Google.com/

2/ https://www.hurriyetdailynews.com/erdogan-pledges-permanent-decrease-in-inflation-193958

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