Fiscal policy will not increase inflationary pressures

Turkish President Recep Tayyip Erdogan indicated on Saturday that Turkish financial policy will not increase inflationary pressures, pointing to expectations that the country will witness a decline in inflation rates in the second half of the year.

Erdogan said in a speech before the Council on Foreign Economic Relations that annual inflation will reach its peak in May and then begin to decline, repeating the central bank’s expectations in this regard.

He added: “We will enter a period of decline in the second half of the year. We will not allow inflationary pressures through fiscal policy.”

Erdogan also indicated that the economic program mainly aims to reduce inflation to a number in the single digits. “We are targeting a sustainable reduction in inflation, not a temporary one,” he said.

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