Inflation expected in Turkey to rise to 40%

Inflation expected in Turkey to rise to 40%

In a closed-door meeting with economists, Turkish Finance Minister Nureddin Nabati expected his country to witness a rise in the inflation rate to its peak at around 40% in the coming months of 2022.

Al-Nabati added, according to what was reported by Bloomberg Agency, according to experts who attended the meeting and asked not to be named, that the inflation rate will not exceed 50 percent this year, nor will it be less than 30 percent.

Turkish Finance Minister Nureddin Nabati

Twitter Post: Dr.Nureddin NEBATÄ°

During the meeting yesterday, Saturday in IstanbulNabati expected that the recent measures to support the local currency would convert assets estimated at $10 billion into the lira, which would help support the currency.

There was no comment from the Turkish Ministry of Finance and Treasury on what was reported by Bloomberg about some of the attendees at the meeting.

Turkey's inflation rate reached 36.1 percent in December, and inflation expectations for the next 12 months have jumped to 25.37 percent from 21.39 percent, according to a January central bank survey of market participants.

Some Wall Street banks predict that last year's currency crisis could push inflation above 50 percent.

Al-Nabati said earlier this month that inflation in Turkey would drop to single digits by the time of the presidential and parliamentary elections scheduled for mid-2023.

He also confirmed that the conversion of foreign exchange holdings into Turkish lira will accelerate in the coming weeks.

In previous statements, Nabati said that Turkey considers combating price hikes a priority and that it ignores "traditional policies" and is charting its own course.

The exchange rate of the Turkish currency at the end of the trading week, the day before yesterday, Friday, reached 13.45 lira to the dollar.

Source: Alaraby

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