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The Turkish government pledges to fight high inflation

Turkey Economy

Turkey's government price stability committee has vowed to fight high inflation through "new policies to achieve supply security against excessive price increases," according to a statement from the Treasury and Finance Ministry.

After the price stability committee meeting, the statement explained that protection policies worldwide, especially in the agricultural sector, have increased security risks.

According to the statement, the committee decided to prepare new legal frameworks to secure agricultural products, food, energy, and water supplies.

The meeting was attended by Minister of Labor and Social Security Vedat Bilgin, Minister of Energy and Natural Resources Fatih Donmez, Minister of Industry and Technology Mustafa Varank, Minister of Agriculture and Forestry Fahit Kirici, Head of the Presidential Strategy and Budget Office Ibrahim Şenel, Governor of the Central Bank of Turkey Şehab Kavcioglu, as well as Minister of Treasury and Finance Nur Nabati religion.

Nabati said in a tweet on Twitter that with the new economic policies, "all stakeholders will act in coordination to fight inflation until the end."

The Finance Minister also spoke at breakfast hosted by the Association of Independent Industrialists and Businessmen in Ankara, saying that after the stability of exchange rates and fixing the interest rate at 14 percent, the government will now focus on higher-priced consumers producers.

He added, "We will break the inflation stagnation, which occurred with the deterioration of expectations, with alternative investment tools. We will see that the inflation rate will fall to a reasonable level at the end of the year, and the decline will continue."

The Turkish Statistical Institute reported on April 4 that annual consumer price inflation rose from 54.4 percent in February to 61.1 percent in March. Consumer prices rose 5.46 percent in March every month.

Savings accounts set up under a scheme to support the Turkish lira - foreign currency protected deposit accounts - amounted to 695 billion lire ($47.2 billion) as of April 1. Since late December, the lira has gained strength against the US dollar from 18.40 to 14.73.

The Turkish government's new approach, called the Turkish Economy Model, prioritizes a current account surplus, increased exports, GDP growth, and expanded employment while keeping interest rates low.

Data from the Trade Ministry showed that Turkey's exports rose 19.8 percent year on year to $22.7 billion in March. The government aims for an annual export level of $250 billion.

Exports increased to $225.3 billion in 2021, an increase of 32.8 percent, while its imports increased by 23.6 percent to $271.4 billion.

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