Gov't to announce new plan to fight surging inflation on Oct 9: Albayrak

ANKARA

Turkish Treasury and Finance Minister Berat Albayrak has said that the government would announce a new program to fight inflation on Oct. 9, while also thanking the country’s banks association for its advisory decision for banks on loan restructuring.

“We have achieved to overcome a series of recent difficulties thanks to strong coordination and cooperation with all of our stakeholders. We will move this solidarity forward with a full-fledged program to combat inflation, which we will announce tomorrow,” he tweeted on Oct. 8.

Turkey’s inflation hit nearly 25 percent in September, vastly exceeding forecasts and standing at a 15-year high, data showed last week.

Albayrak also praised a new advisory decision by the Turkish Banks Association (TBB), which recommended banks to restructure loan debts below 15 million Turkish Liras ($2.43 million) for a 24-month installment due with a six month non-payment period.

“I thank the Banks Association for this decision,” he added.

On Oct. 7, he said there would be no compromise in budget discipline in his program to combat surging inflation due to be announced next week.

“There is no compromise in budget discipline; the rebalancing period in the economy has started. A strong program to combat inflation will be announced,” Albayrak told members of the ruling Justice and Development Party (AKP) on Oct. 7, as quoted by state-run Anadolu Agency.