Politics
Erdogan expects inflation to fall, pledges financial responsibility
(MENAFN) Turkish President Recep Tayyip Erdogan on Saturday stressed that Turkey's financial policy is ready to ease inflationary pressures, expressing optimism about a potential decline in inflation rates in the second half of the year. Speaking at the Council on Foreign Economic Relations, Erdogan reiterated his support for the country's economic program, saying he expects annual inflation to peak in May before embarking on a downward trajectory, in line with Central Bank forecasts.
Erdogan said the Turkish government remained committed to steering the economy toward a period of lower inflation, emphasizing its proactive approach to fiscal policy aimed at easing inflationary pressures. He stressed the importance of achieving sustainable reductions in inflation rather than finding short-term solutions, emphasizing the government's commitment to fostering economic stability and growth.
The Turkish president highlighted the main goal of the economic program, which is to bring inflation down to single digits. Erdogan stressed the government's determination to pursue policies conducive to a sustainable reduction in inflation levels, signaling a break with previous temporary measures. This commitment reflects the government's broader strategy to inspire confidence in the Turkish economy and promote long-term economic prosperity.
In April, Turkey faced an annual consumer price inflation rate of around 70 percent, with forecasts to increase further to around 75 percent in the current month. The Central Bank responded to these challenges by increasing interest rates, taking them to levels as high as 50 percent since June of the previous year. This reversal of monetary policy easing, which had persisted for years under Erdogan's leadership, underscores the government's efforts to combat inflation and restore economic stability.
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