Turkey will have to dramatically change its economic policy in order to bring down rampant inflation, according to the country’s newly appointed finance minister, Mehmet Şimşek.
“Turkey has no choice but to return to rational ground” in its handling of the economy, Şimşek told a press conference on Sunday, following his appointment to President Recep Tayyip Erdoğan’s new cabinet the day before.
“Price stability will be our main target,” Şimşek added. “Reducing inflation to single digits in the medium term is of vital importance for our country.”The country has seen its consumer prices skyrocket over the past two years, with inflation hitting an official 24-year high of 85.5 percent in October. Independent analysts claim the real figures have been far higher, and the cost of basic goods became a contentious political issue in last weekend’s presidential election run-off.
