Minister of Finance Nebati asks for patience in fighting inflation

The Minister of Treasury and Finance has asked for patience for inflation, which has already reached 70 percent. According to the Turkish Statistical Institute (TURKSTAT), annual inflation was 69.97 percent in April, while the rate was 156.86 percent according to independent researchers. At this rate, Turkey is the sixth country with the highest inflation; it is the first in Europe.

In a message shared on Twitter, Minister Nebati said that inflation was a common issue for everyone, but this could never overshadow the fact that they broke records in the history of the Republic with increases in exports, employment, investment and production.

The example of the USA, Germany and France

The minister wrote: “In addition to disruptions in supply chains caused by the pandemic, the fact that the Russia-Ukraine war has further raised global energy, food and other commodity prices has fueled inflation around the world. For example, inflation in the United States is at its peak in the last 41 years, while Germany and France are experiencing the highest inflation in the last 40 years. The situation is no different in other European countries. In addition to these global negatives, it is also a fact that inflation continues to remain high due to exchange rate developments in our country. However, with all the measures we have taken since December, especially with currency-protected deposit products, we have significantly controlled the volatility of the exchange rate by ensuring stability in the financial markets.”