ISTANBUL, April 4 (Reuters) – Turkey is taking steps to permanently lower inflation, which will show a lasting fall by year-end, Finance Minister Nureddin Nebati said on Monday after annual consumer inflation hit a new 20-year high.
Fuelled by rising energy and commodity prices following the Russia-Ukraine war and compounded by the impact of a lira crash late last year, inflation leapt to 61.14% in March. read more
Speaking in the northwestern province of Bursa, Nebati said Turkey’s new economic model, based on lower interest rates, and a forex-protected deposits scheme had stabilised the lira. He added Ankara was taking “determined steps” to bring inflation down.
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Reporting by Ali Kucukgocmen; Writing by Tuvan Gumrukcu;Editing by Dominic Evans
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