Yılmaz: Bringing Inflation Down to Single Digits and Ensuring Stability at These Levels is Our Top Priority

Forex - Cevdet Yılmaz stated, "Our top priority is to reduce inflation to single digits and ensure stability at these levels." He also mentioned that they will continue to implement the program that will ensure the disinflation process effectively and in coordination in the upcoming period.

In a statement made through X, Deputy President Cevdet Yılmaz said, "We continue to see positive results in various areas of our economic program. As a result of the significant gains we have achieved in the disinflation process, the Central Bank has lowered the policy interest rate by 250 basis points. Thus, the policy interest rate has decreased from 50% to 47.5%.

The positive results of our transparent and predictable policy steps, which ensure strong coordination between monetary and fiscal policies, were influential in the Central Bank’s decision to decrease interest rates after 22 months. Thanks to the rule-based and effective policies we have implemented, we have achieved a 28.4 point decrease in the inflation rate over the last six months. Besides the significant decrease in the annual inflation rate, improvements have also been recorded in the main trend of inflation and inflation expectations.

During this period, our macroeconomic indicators have aligned with the disinflationary process. In line with our forecast for balancing the composition of growth, our monetary and fiscal policies, which support each other, have allowed domestic demand to decline to levels that support the decrease in inflation.

While our current account balance has significantly improved, our strengthened reserves have reinforced confidence in the economy. In addition to macro policies, we will continue to move towards stable growth and elevate our country on the international stage by implementing structural transformations.

Our top priority is to reduce inflation to single-digit levels and ensure stability at these levels. In this regard, we will continue to effectively and coordinately implement our Program that will ensure the disinflation process in the upcoming period. Along with the positive results we achieve in the fight against inflation, we will continue to realize our goals of sustainable growth and permanently increasing the welfare of our citizens.