Turkish President vows to reduce inflation to single digits

Istanbul: Turkish President Recep Tayyip Erdogan has said that his government would focus on reducing inflation to single digits from the current nearly 40 per cent.

“The uncertainty of the election time is now over. Our hand is stronger,” Erdogan told Turkish exporters during a meeting of the Turkish Exporters Assembly in Istanbul, Xinhua news agency reported.

“We will reduce the inflation, which has been a headache also for the world, to single digits… Our new economic leadership will prioritize this issue,” he said.

Turkiye’s annual inflation fell to 39.59 per cent in May after hitting a 24-year high of 85.51 per cent in October last year, according to official data.

Erdogan named Mehmet Simsek as the treasury and finance minister after winning the historic elections in May. The new minister has hinted at a return to orthodox policies, including rate hikes.

(Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)