Business

Turkish Treasury and Finance Minister: We will have entered a downward trend in inflation in December

Treasury and Finance Minister Nureddin Nebati said, “We are taking important steps to prevent inflation, and the market has been feeling this for the last two months. If we do not face an extraordinary situation in December at the end of the year, we will enter a downward trend with the slackening of oil prices and the base effect.”

Treasury and Finance Minister Nureddin Nebati made statements on the agenda on a private television channel.

Speaking about the inflation figures announced today, Nebati said that measures should be taken to prevent inflation from becoming permanent in the coming period.

“We will experience a process where those who do not know Turkiye will be disappointed”

Stating that he is hopeful, Nebati continued his words as follows:

“This is not a dry hope. I am hopeful because Turkiye will achieve such a successful result in terms of its geography, as it did during the epidemic period, that we will all be surprised. I am 100% sure of that. We will experience a process in which those who do not want to understand Turkiye’s potential, those who do not know Turkiye, those who do not know Turkiye, or those who say, “Whatever happens, let the country go bankrupt” with hostility to Recep Tayyip Erdogan will be disappointed.

‘We will have entered a downward trend in December’

Nebati stated that they did not compromise on growth, and in this case, the fight against inflation took some time.

Emphasizing that they must fight against inflation, Nebati said that they are making an effort in this regard with the systems they have developed. Pointing out that since December, a downward trend will be seen in inflation due to the base effect, Nebati made the following assessments:

“We are taking important steps to prevent inflation, the market has been feeling it for the last two months. Today is 2.37, inflation will be slightly lower next month, this August… If we do not face an extraordinary situation in December at the end of the year, with the easing of oil prices, We will be in a downtrend due to the base effect. We will have entered the phase of ‘we will feel this more clearly in February and March’ as expressed by our Honorable President. In other words, by preventing inflation from rising further in the next 6 months, we will catch the downward trend of inflation with the base effect in December and the psychological support it will bring to us, and we will catch the inflation that will fall to a certain level at the end of 2023.”

Nebati emphasized that the Turkish lira will appreciate as inflation falls.

“The country’s current account deficit will be fully met with direct investments”

Referring to the direct investments made in Turkiye, Nebati said that direct investments are coming to the country.

Nebati, who does not report a net figure, said, “Every week on Thursday, the Central Bank announces its reserve, look at its reserve last Thursday, look at the reserve it will announce tomorrow, look at the next week. This work has started, and I hope it will continue. No matter where you come from, Turkiye is a reliable country. The flow of money to Turkiye has accelerated since last week and will continue from now on. With the ongoing trend, Turkiye will have reached a very different point.”

Nebati stated that the current account deficit of the country will be fully met with incoming and forthcoming direct investments.

Noting that the money collected in the currency-protected system exceeded ₺1.1 trillion, Nebati said that thanks to this instrument, they prevented people from turning to the dollar.

“The main problem of the world has been solved, grain prices have started to fall”

Nebati also said the following about the grain corridor agreement:

“The work on the grain corridor was a breath-taking work for the world. Wheat prices, barley prices, many prices in food began to fall. The main problem of the world was solved.”

“We are taking steps to increase the housing supply”

Underlining that they will not allow unfair increases in housing prices, Nebati said, “We are taking steps to increase the housing supply.”

Source: Trthaber / Translated by Irem Yildiz

Leave a Reply

Your email address will not be published.

Back to top button