Wednesday 10, October 2018 by Kudakwashe

Turkey announces 10 per cent price cuts after inflation soars

 

Turkey's inflation rate target is 20.8 per cent this year, 15.9 per cent next year, 9.8 per cent in 2020, and six per cent in 2021.

The Turkish finance minister announced that the country’s private sector has agreed to an across-the-board price cut of at least 10 per cent for goods, a move aimed at taming inflation that surged to nearly 25 per cent last month, according to a local newswire, Anadolu.

Berat Albayrak, Turkish finance minister, said that there will be no increases in electricity and natural gas prices through the end of the year, and the Government will support businesses to prevent layoffs.

Under the new measures, Turkish lenders will give a 10 per cent discount to high-interest loans given after 1 August, added Albayrak.

Turkey’s inflation surged to a 15-year high of nearly 25 per cent in September.

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