17 October 2018

Turkey launches full-scale program to curb inflation

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Treasury and Finance Minister Berat Albayrak announced Tuesday a wide-scale program backed by various sectors to curb inflation and support businesses and consumers amid fluctuations in currency. reports citing Daily Sabah.

The program titled "Total Fight Against Inflation" was presented at the Istanbul Congress Center with Industry and Technology Minister Mustafa Varank, Labor, Social Services and Family Minister Zehra Zümrüt Selçuk and Agriculture and Forestry Minister Bekir Pakdemirli joining Albayrak.

Albayrak said the public sector will be the driving force in the campaign, adding that there is a strong coordination in efforts between the Central Bank of the Republic of Turkey (CBRT), the Banking Regulation and Supervision Agency (BDDK) and TBB.

Among the measures announced to curb inflation was a campaign of a minimum 10 percent nationwide cutback on prices by participating companies, which would feature the campaign's logo on their products. A website was also launched for the campaign, which will be promoted with the #TürkiyeKazanacak (Turkey Will Win) hashtag on social media platforms.

The minister said that an active fight against stockpiling and opportunism will be maintained.

Albayrak said that there would be no increase in electricity and natural gas prices until the end of 2018, unless there is an impactful event on the global scale.

The increase in food prices constitute the main reason fueling Turkey's inflation, which hit 24.52 percent in September year-on-year, up 6.3 percent from the previous month, according to data from the Turkish Statistical Institute (TurkStat). Inflation climbed for a sixth straight month, hitting its highest level in 15 years.

As noted in Turkey's new economy program announced last month, the country's inflation rate target is 20.8 percent this year, 15.9 percent next year, 9.8 percent in 2020, and 6.0 percent in 2021.

2018.10.09 / 17:51
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