Turkish Minister of Economy and Finance Mehmet Şimşek assured that there is “strong evidence” that inflation in Turkey is slowing down and that the pace of disinflation is accelerating, while anticipating that this process will become clear in the second half of 2024. “What are we going to do to achieve that? There is the conventional monetary policy tightening (by raising interest rates), but there is also the selective tightening of credit,” he explained during a forum held this weekend in Istanbul.
According to official data, year-on-year inflation in Turkey rose slightly in October to 61.98%, up from 61.36% the previous month; however, month-on-month CPI fell from 3.43% to 3.28%. By the end of 2023 the Turkish Central Bank expects inflation to stand at 65%, falling to 36% by the end of 2024. “We have a lot of work to do, achieving price stability, restoring fiscal health, rebalancing growth on a sustained basis, and reducing the current account deficit,” Şimşek warned.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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