Speaking in Germany, Mehmet Şimşek announces Turkey's priority

Treasury and Finance Minister Mehmet Şimşek made assessments regarding the Turkish economy and Turkey-Germany relations at the "8th Turkish-German Economic Day" held in Düsseldorf. 

"WE ARE ON THE RIGHT TRACK"

Commenting on international credit rating agency Standard & Poor's upgrading Turkey's credit rating by saying, "We are on the right track," Şimşek pointed to 2026 for single-digit inflation.

"Inflation expectations for the next 12 months have fallen to 35 percent, and Turkey's credit rating has begun to rise. A while ago, Fitch had upgraded our credit rating. Standard & Poor's has also upgraded our credit rating. Therefore, we are on the right track. All of this shows that," said Minister Şimşek, emphasizing the importance of price stability.

"OUR PRIORITY IS PRICE STABILITY"

Şimşek stated, "Our biggest priority is, of course, price stability. That is, reducing inflation to single digits. Unfortunately, inflation is quite high. We will reach the peak with inflation above 70 percent in May. But then, with the program we have implemented, inflation will fall rapidly, and we will return to single-digit inflation in 2026. It is a long journey, but we will succeed because we have a good program."

Stating that they have programs aimed at reducing the current account deficit in Turkey, Şimşek also touched upon Turkey-EU relations and said the following;

"We believe that updating the Customs Union to include public procurement and services is in the interest of both Turkey and the European Union. We need to make progress on an issue that is clearly and unequivocally in the interest of both sides. I hope that this process will accelerate after the European Parliament elections."

News Source: 12punto