Turkish Minister of Finance: The Turkish Economy Will Return to a "Rational Basis"

The new Turkish Minister of Finance, Mehmet Şimşek, noted today, Sunday, that his country has no choice but to return to a "rational basis" in economic policies to ensure predictability in their outcomes. He added: "The priority will be macro-financial stability in an environment with increasing global challenges and geopolitical tensions. Our main objectives will be to establish fiscal discipline and ensure price stability to achieve high sustainable growth." He continued: "It is essential for our country to reduce inflation to single digits again in the medium term, in order to increase predictability in all areas and accelerate the structural transformation, which will reduce the current account deficit." Turkish President Recep Tayyip Erdoğan appointed Şimşek as Finance Minister in his government on Saturday, to tackle the cost of living crisis in Turkey and other obstacles.