The greatest inflation rate in Turkey in nearly 25 years was reached in September of last year, when it rose to 83.45%.
This information was provided in a report on average consumer prices in the Turkish market for the month of September that was released by the National Institute of Statistics in Ankara, which confirmed that it was the highest since July 1998.
The official reports state that Turkey’s inflation rate has surpassed 80.
Despite the Turkish Central Bank’s implementation of a high interest policy during the month of August, this did not stop the country’s general trend of growing inflation, which reached 21% during that month.
According to a report from the Turkish capital by the American Associated Press, the main interest rate currently being used by Turkish banks is 12%. Given the persistent inflation the nation is experiencing, the Turkish Central Bank may not be persuaded to lower this rate before the end of the year. Recep Tayyip Erdogan, the president of Turkey, recognises the need for it and the need to reduce it, and he views that interest as his “number one opponent.”
” My toughest battle right now is against interest, the Turkish president declared in a speech that was carried live on Turkish television. My opinion is insufficient.
As the nation is set to hold presidential elections by June 2023, the Associated Press noted in its report that Turkey’s high rates of inflation and economic conditions are occurring at a crucial time. The news service also stated in its two reports that the current Turkish government is attempting to lower inflation through measures to support the lira and generate money.
Make it easier for Turks to invest and find work, and refrain from driving up borrowing costs with excessive interest rates.
According to the Associated Press, Turkey will have to pay 182 billion US dollars in additional foreign debt over the course of the next 12 months. Analysts believe that this will put tremendous pressure on the Turkish lira, which has lost 27% of its value against the US dollar since the year’s beginning. up to date.
Turkey’s inflation is above 83% and is at its highest level in 25 years.
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