Turkish Finance Ministry expects 24% inflation by end of 2022

The Turkish Ministry of Finance predicts inflation of 24% at the end of the year and is confident in single digits by June 2023, Minister of Treasury and Finance Nureddin Nebati said, Report informs.

In January, the annual inflation in Turkey accelerated to 48.69% from 36.08% in December last year. Earlier, Nebaty said he expects inflation to peak in April.

In 2021, after several consecutive cuts in the discount rate of the Turkish Central Bank, the depreciation of the national currency accelerated sharply, which negatively affected the country's financial system.

The collapse of the Turkish lira on November 23 by 18% was the highest in the last 20 years. The dollar exchange rate on December 20 reached a record 18.4 liras, while in January last year, the dollar was worth 7.4 liras.

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