Turkey is prioritizing the fight against rising prices, putting aside “orthodox policies” and charting its own course, Finance Minister Nurettin Nebati said today in the wake of data showing that inflation had soared to a high 19 years in December at 36%, according to Reuters.
Under pressure from Turkish President Recep Tayyip Erdogan, who is focusing on boosting production, exports and economic growth, the country’s central bank has cut interest rates despite rising prices.
“We have put aside orthodox policies, now they are heterodox strategies,” Nebati told a group of businessmen. At the same time, he noted that Turkey will not compromise on fiscal discipline and will implement monetary and fiscal policies in harmony.
“We will follow our own path and not a path that others have set for us,” he said. At the same time, it pledged to present new tools to support productive enterprises, the manufacturing sector and exports.
The Turkish pound fell 44% in 2021, leading to a jump in inflation, with the central bank, however, lowering its interest rates by a total of 500 basis points to 14% from last September.
The Turkish lira is losing about 0.8% today at 13.4338 per dollar in the aftermath of the speech of the Turkish Ministry of Finance.
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Source From: Capital
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