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Turkish finance minister says inflation to fall to single digits by mid-2023


© Reuters. FILE PHOTO: Shoppers carry bags as they stroll through the Eminonu neighborhood during the spread of the coronavirus disease (COVID-19) in Istanbul, Turkey, January 12, 2021. REUTERS/Murad Sezer

ISTANBUL (Reuters) – After hitting a 19-year high of 36 percent in December, Turkey’s inflation rate will rise by mid-2023 when presidential and parliamentary elections are held, Finance Minister Nuridin Nebati said on Saturday. down to single digits.

Speaking to NGO heads in Istanbul, Nebati also said that the conversion of currency holdings into Turkish lira will be accelerated in the coming weeks.

He added that as of Friday evening, more than 131 billion liras ($9.69 billion) had been deposited into accounts under a government program designed to protect lira deposits from foreign currency depreciation.

($1 = £13.5214)

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