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

by Mike Robinson

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© Reuters. FILEPHOTO: Shopping carts are carried by shoppers as they wander through the Eminonu district, Istanbul, Turkey. This is amid the spreading of coronavirus disease COVID-19. REUTERS/Murad Sezer

ISTANBUL, (Reuters) – Nureddin Nebati, the Finance Minister of Turkey said Saturday that inflation will fall to single digits in Turkey by mid-2023 after reaching a record 36% in December.

Nebati, speaking to Istanbul’s heads of nongovernmental organisations, also stated that conversion of foreign currency holdings into Turkish lira in the next few weeks will be faster.

According to him, more than 131 million lira (or $9.69 billion) were deposited into accounts that are part of a scheme by the government that shields forex deposits against depreciation.

($1 = 13.5214 lira)

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