Turkish finance minister says inflation will come down to single digits by mid-2023 By Reuters

by Msnbctv news staff


© Reuters. FILE PHOTO: Consumers carry luggage as they stroll on the Eminonu district amid the unfold of the coronavirus illness (COVID-19), in Istanbul, Turkey January 12, 2021. REUTERS/Murad Sezer

ISTANBUL (Reuters) – Finance Minister Nureddin Nebati stated on Saturday inflation in Turkey will come right down to single digits by the point of presidential and parliamentary elections set for mid-2023, after it soared to a 19-year excessive of 36% in December.

Talking to heads of non-governmental organisations in Istanbul, Nebati additionally stated the conversion of foreign exchange holdings to Turkish lira will speed up in coming weeks.

He added that as of Friday evening greater than 131 billion lira ($9.69 billion) had been deposited in accounts below a authorities scheme that protects lira deposits from foreign exchange depreciation.

($1 = 13.5214 lira)

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