20 October 2018

Turkey to combat inflation with strong program

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There would be no compromise in budget discipline in Turkey's strong program to combat surging inflation due to be announced next week, Treasury and Finance Minister Berat Albayrak said on Sunday. informs citing Turkish media.

Earlier this week data showed Turkey's inflation increased to nearly 25 percent in September, with prices jumping 6.3 percent from a month earlier.

The size of the increase exceeded expectations and underscored the impact of a currency crisis on the economy and consumers, after the lira was targeted by a series of manipulative moves.

"There is no compromise in budget discipline, the rebalancing period in the economy has started. A strong program to combat inflation will be announced," Albayrak told members of the ruling AK Party on Sunday.

Following the release of the inflation data on Wednesday, Albayrak said he would announce a program as part of the government's "full-fledged" battle against rising consumer prices.

In an interview with the private broadcaster, Albayrak said that Turkey has left the worst behind after September's inflation figures.

"With the steps, we have taken in this process, we have begun to receive signals that the process experienced in the economy for the past few months is not permanent and that we will walk with more concrete, realistic and safe steps by leaving the process behind," Minister Albayrak said.

In an attempt to halt lira's slide, the central bank delivered a 6.25 percentage point rate hike last month.

2018.10.07 / 15:19
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