Turkish Treasury and Finance Minister Berat Albayrak on Tuesday unveiled an anti-inflation economic program and indicated that “The volatility in the exchange rate is over.”
The lira has lost more than 40 percent of its value this year over a diplomatic row between Ankara and Washington, which President Erdoğan deemed as an economic war.
Stressing the new anti-inflation program’s power to boost investor confidence Albayrak said, “Firms taking part in the anti-inflation program will apply a minimum discount of 10 percent.”
“There will be no increase in electricity and natural gas prices till end of 2018 and the government will support businesses to prevent layoffs,” he added.
Companies that try to increase profits under the current circumstances would cause greater losses in the near term, he warned.
As noted in Turkey's new economy program announced last month, the country's inflation rate target is 20.8 percent this year, 15.9 percent next year, 9.8 percent in 2020, and 6.0 percent in 2021.
