Turkey's Finance Minister will announce a strong programme to combat inflation
Treasury and Finance Minister Berat Albayrak will announce a strong economy programme to battle Turkey's inflation, the state-run Anadolu Agency quoted him as saying on Sunday.
Earlier this week, the inflation surged to nearly 25 percent in September over the previous year, the data from the Turkish Statistical Institute showed on Sept. 3, hitting its highest in 15 years and sharpening the focus on whether the central bank will be able to deliver another hefty rate hike.
Albayrak said he would announce a programme to combat rising inflation next week.
A rebalancing period in Turkey's economy has begun, Albayrak said, adding
there would be no compromise on budget discipline, according to Anadolu Agency.
The lira has lost nearly 40 percent of its value this year, hit by concerns about President Recep Tayyip Erdogan’s influence over the central bank and a rift with Washington over the detention of American citizens in Turkey, particularly pastor Andrew Brunson. The sell-off has pushed up prices of everything from food to fuel and eroded confidence in what was once a high-flying emerging market.