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Inflation would remain high in the coming months due to base effects and the delayed impact of rate hikes, but would fall in the next 12 months, Turkish treasury and finance minister Mehmet Simsek said shortly before that.
The central bank believes it has done enough regarding monetary policy tightening, the minister said.
"The central bank considers that it has made sufficient tightening…. We have to be patient and committed going forward," Simsek told a conference in Istanbul.
He believed in the effectiveness of the government's medium-term programme, which, he said, is still in its early stages.
The Central Bank of the Republic of Turkiye (CBRT) said the policy could be tightened "in case a significant and persistent deterioration in inflation outlook is anticipated".
The minister said authorities were planning additional selective credit and quantitative tightening steps, according to domestic media reports.
Simsek said the government's main target was to bring inflation down to single digits. But, he acknowledged that "currently, we are far from price stability, but that is our target."
Fibre2Fashion News Desk (DS)