Published On: Thu, Jun 6th, 2019

Turkey’s Treasury Minister: We will start seeing single-digit inflation after 3 months

Treasury Minister Albayrak meets with directors of 11 largest finance institutions in the world

Turkey’s Treasury and Finance Minister ALBAYRAK attended a gathering held at a hotel in Trabzon on occasion of Ramadan holiday where he met his colleagues from AK Party and local people.

The Minister made important statements regarding economy and said “We have reduced inflation from 25-30 percent to 18 percent. Now, I say it clearly that we will most likely start seeing single-digit inflation again starting September or October.”

ALBAYRAK emphasized Turkey had left its historical problems behind one by one and went on share following;

“As you know, we have had a current account deficit problem for 17 years in economy coming from the past. We have always heard about it, what is this deficit? It is the difference between the production and consumption of the economy. This means if your consumption from abroad is more, you need money from foreign sources. You need to find finance.

As of May, last year Turkey ‘s current account deficit was USD 58 billion. Today, I emphasize very clearly that at the point we have reached we are entering a stage in which Turkey’s economy will give surplus for the first time in the 17-year period of AK Party. Turkey is starting a new period in in which its current account will no longer give deficit but it will give surplus“.

ALBAYRAK noted that more than 500 thousand people had found employment in March and April and added that thanks to the improvement in economy another 500,00 would take employment in May and June thus creating new employment for more than 1 million people in total.

Regarding inflation and interest the Minister shared following; “The impact of the economic attacks from some foreign sources has faded away gradually and the economy of the country will even be stronger. Inflation and interest are the issues left to cope with. We’ve reduced inflation from 25-30 percent to the 18 percent. I say it very clearly from here that after three months (like September and October) we will probably start seeing single-digit inflation again. Accordingly, interest rates are starting to drop strongly and what will happen when they fall? Our business world, our companies will gradually gain more access to finance with lower interest expenditures and improve their investments”.

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