Turkey's finance minister expects inflation to decrease in summer

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Minister of Treasury and Finance Nureddin Nebati has predicted that the inflation rate, which exceeded 54 percent on an annual basis in March, will start to decrease in the summer.

Speaking to real estate investors at MIPIM 2022 in Cannes, France, Nebati said Turkey is one of the fastest recovering economies from the Covid-19 pandemic.

The minister previously predicted that the inflation rate would reach its peak in January and then start to decrease. However, it continued to increase to a two-decade record.

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"Just as the pandemic was over and things were recovering, the crisis in the Black Sea, you know... Turkey has a balanced stance and is doing what is necessary," the minister said, referring to the Russia-Ukraine war.

"We are fighting inflation. We are struggling with price increases caused by tensions in foreign supply, commodity prices and logistics, and we are taking steps to eliminate the risks of the 'New Economy Model' of Turkey," he remarked.

The minister said they aim to lower the inflation rate to single digits by June 2023, when the presidential and parliamentary elections are due to take place.

Stating that they will make the best use of Turkey's geopolitical position, Nebati told investors, "If you invest in Turkey, both your property and your life will be safe." (HA/VK)