Turkey recorded the largest increase in inflation in 15 years

В Турции зафиксирован крупнейший рост инфляции за 15 лет

With the beginning of the year the Turkish Lira has lost nearly 40% of its value against the U.S. dollar

In September, inflation rose at an annual rate of 24.52%. The Ministry of Finance of Turkey promised to introduce next week measures to combat rising prices.

In Turkey, the collapse of the national currency, the Lira, has caused the biggest surge in inflation in 15 years. In September consumer prices in Turkey rose at an annual rate of 24.5%, the statistical office of the country on Wednesday, 3 October.

Only from August to September in Turkey rose by 6.3 per cent – significantly more than analysts predicted.

With the beginning of the year the Turkish Lira has lost nearly 40% of its value against the U.S. dollar. This, among other things, caused by the mutual sanctions imposed by the US and Turkey in the conflict over the arrest in Turkey of the American pastor.

In addition, investors have criticized as inadequate the monetary policy pursued by President of Turkey Recep Tayyip Erdogan.

In the struggle with the collapse of the Lira and rising inflation, Turkey’s Central Bank in September raised the base rate by 6.25 points to 24%. The Minister of Finance of Turkey Berat Albayrak assured that the worst is behind us. He promised to 2021 to gradually reduce inflation to 6%. Next week he intends to present detailed plans for achieving this goal.

Source: Russian service of DW

 

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