Turkey: We Will Continue to Implement Our Economic Program

Turkish Finance Minister Mehmet Şimşek announced today, following the local elections that took place yesterday, that Turkey will continue to implement its medium-term economic program decisively, focusing primarily on reducing inflation and achieving sustainable growth. He stated that the government will prioritize controlling expenditures through public spending regulations, alongside tightening monetary policy and selective lending policies, aiming to bring inflation down to below ten percent. The Turkish central bank raised interest rates to 41.5 percent from 8.5 percent since June, following President Recep Tayyip Erdoğan's victory in the May elections and the shift towards a stricter monetary policy. Inflation in Turkey rose again in February, reaching 67.1 percent year-on-year compared to 64.9 percent in January.