ISTANBUL, Jan 16 (NNN-ANADOLU) – Turkey’s annual inflation rate will be in single digit, when the country holds its presidential and parliamentary election in mid-2023, Turkish Treasury and Finance Minister, Nureddin Nebati, said yesterday.
“With the fiscal policies and the steps we will take, we will enter the election time next year… with single-digit inflation,” the minister was quoted as saying.
Speaking to heads of non-governmental organisations in Istanbul, Nebati described the inflation, which hit 36.08 percent year-on-year, in Dec, 2021, as a “hump,” noting that the figure would improve after the first quarter of this year.
Turkey has also been struggling against the sharp depreciation of the national currency in foreign exchange markets. The lira’s losses against the U.S. dollar reached 44 percent last year.
According to Nebati, the government’s new economic scheme, adopted on Dec 20, 2021, to rescue the currency has been working well, and the conversion of forex holdings to the Turkish lira will accelerate even further, in the coming weeks.
He noted that, more than 131 billion liras (9.69 billion dollars) had been deposited in accounts, as of Friday, under the new scheme.
One dollar was traded at 13.53 liras yesterday afternoon.– NNN-ANADOLU
