Turkey is making the fight against rising prices a priority, setting aside “orthodox monetary policies” and charting its own course, Finance Minister Nureddin Nebati said on Wednesday (5) after annual inflation in the country have reached in December a peak in 19 years of 36%.
Under pressure from President Tayyip Erdogan, who is focused on increasing production, exports and economic growth, the central bank cut interest rates despite rising prices.
“We put aside orthodox policies, now they are heterodox policies,” Nebati said in a speech to a business group.
He added that Turkey will not compromise budget discipline and will implement fiscal and monetary policies in harmony.
“We will follow our own path, not a path traced by others for us,” he said, promising to introduce new instruments to support companies focused on production, manufacturing and exporting.
Reference: CNN Brasil
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