Turkish Finance Minister: Inflation will peak in April


Turkish Treasury and Finance Minister Nureddin Nebati said that he expects the inflation rate to reach its peak by next April, and that it will not exceed 50 percent.


In a statement to the Japanese newspaper, Nikkei Asia, Thursday, Nikki explained that Turkey suffers from the problem of inflation, as do the rest of the world.

He added that inflation will begin to recover in the summer and will show a drastic decline in next December.

He indicated that he does not expect any other negative developments in the Turkish lira, and any decline in the exchange rate.

He stressed that there would be no imbalance between the exchange rate when he was appointed as Minister of Finance and at the end of this year.


Vegetarian stated that the expectations for the growth of the Turkish economy this year are about 5 percent, according to the medium-term economic program.

And about the size of Turkish lira deposits according to the deposit system protected from exchange rate fluctuations.

The Turkish minister said that as of last Tuesday, the volume of deposits amounted to 272 billion liras, noting that 113 billion liras of the total deposits were from the sale of foreign currencies.

Nabati emphasized that the new economic model based on low-interest rates would increase production, employment and exports.


It solves the problem of the current account deficit, and contributes to the stability of the Turkish lira.

He added that the risks of the new economic model were overcome during the past year, and that only the rebound shocks of inflation remain, which will be largely settled during the current year.

Official data showed on Thursday that the consumer price index (inflation) in Turkey rose by 11.10 percent in January on a monthly basis, to reach 48.69 percent on an annual basis.