Erdogan once again promises to reduce inflation in Turkey quest’year

Turkish President Recep Tayyip Erdogan said his country is working to restore confidence in the Turkish lira, which has dropped to levels record in the last period.

In his statements today, Tuesday, he once again promised a drop in inflation data during the year 2022.

The prices of the Turkish currency currently fluctuate between 13 and 14 lira per dollar. Last year it lost 44% of its value against the dollar.

Turkey is in expected presidential and parliamentary elections in 2023 and Turkish Finance Minister Nureddin Nebti said, in previous statements that inflation will fall below 10% by this date.

Inflation hit a 19-year high of 36% in December after the central bank cut interest rates under Erdogan’s pressure, causing a currency crisis.

Despite promises from government officials to cut inflation quickly, economic analysts say it could rise above 50% in the coming months and remain high throughout the year.

The currency crisis was halted last month thanks in it participates in costly currency interventions and government incentives to reduce the dollar’s attractiveness to savers.

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