Turkish President Recep Tayyip Erdogan pledged Wednesday to sharply slow inflation in the coming months and relieve citizens of the burden of a high cost of living.
'Hopefully, we will witness inflation will go downhill in the coming months. Let's make 2023 the turning point of our liberation from the trouble of living cost’, the Turkish President said.
The world has been struggling with waves of economic crisis, but Türkiye has reached its growth targets, Erdogan emphasized, adding that he believed the country would see a growth rate of 4-5 percent by the end of 2022.
Erdogan said his government would announce a new hike in the minimum wage this week as part of its economic packages to fight the country's financial difficulties.
He said the Turkish Central Bank lowered its interest rate to 9 percent in November and called on businessmen to take this advantage to make new investments.
Türkiye's inflation eased to 84.39 percent in November from a 24-year high of 85.5 percent in the previous month, slowing for the first time in 18 months. The decline was in line with expectations and owed largely to the statistical effect of the high base in the same month of 2021. Erdogan supports low-interest rates in the hope of boosting economic growth and employment. The monetary policy has weakened the Turkish lira by more than 50 percent since September 2021 and fueled a flight from the currency. Erdogan, who is seeking another term in office in next year's elections, has repeatedly defended his unconventional economic policies, promising that the country will overcome the inflation problem after the new year. Xinhua News Agency correspondents reporting from Ankara.
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