Turkey’s Treasury Minister: “We are fighting inflation by increasing production”
Minister of Treasury and Finance Nurettin NEBATI made a budget presentation of his ministry at the Grand National Assembly Planning and Budget Commission. Regarding sky-rocketing inflation in Turkey Nebati shared the following explantion:
”We continue to fight inflation not with interest rate increases, but by developing supply-side policies and by increasing production capacity. Certainly, we are aware of the difficulties faced by our citizens due to the increasing cost of living in our country, as in the whole world. We are not escaping from any responsibility that falls on us as the government to prevent the loss of purchasing power.”
Referring to the fact that the leading indicators for the second half of 2022 indicate moderate growth due to the impact of the global slowdown, Nebati said, “We predict 5 percent growth for the year as a whole. It is aimed that the economic growth, which is expected to maintain a balanced outlook in 2023, will be 5 percent.”
Referring to the Central Bank’s reserves, the Minister of Treasury and Finance said, “The gross reserves of the Central Bank increased by more than $ 3 billion compared to the beginning of the year and reached the level of $ 114.2 billion as of October 28,” he said.
