When Turkey's presidential and parliamentary elections take place in mid-2023, the annual inflation rate will be in the single digits, according to Turkish Treasury and Finance Minister Nureddin Nebati.
"With the fiscal policies and initiatives we'll take, we'll be in single digit inflation by election time next year," the Minister said. Nebati called the 36.08 percent year-on-year inflation rate in December 2021 as a "hump" in his speech to leaders of non-governmental organisations in Istanbul, stressing that the figure will improve after the first quarter of this year.
Turkey has also been battling a sharp depreciation of its currency on international exchange markets. Last year, the lira lost 44% of its value against the US dollar.
The government's new economic programme to save the currency, which was adopted on December 20, 2021, is functioning well, according to the Minister, and the conversion of FX assets to the Turkish lira will speed even more in the coming weeks.