Authorities will proceed to “strongly” implement a disinflation coverage to decrease inflation, Vice President Cevdet Yılmaz mentioned Saturday, evaluating the trail of inflation progress and the current declines.
Referring to the combat in opposition to inflation because the “top priority,” Yılmaz mentioned: “At this point, I can say that our program has produced successful results and has begun to bear fruit.”
“We had said that our fight against inflation would consist of three periods. A transition period, then a disinflation period, then a permanent price stability period,” he informed the business assembly in central Aksaray province.
“We completed the transition period as of June of last year. We entered a disinflation period as of June,” he mentioned.
“There was a decrease in inflation exceeding 31 points from June to the end of the year,” he added.
He went on to say that December inflation was round 1%, referring to a month-on-month enhance. “We also completed annual inflation at around 44.4%. There is a decrease of 20 points compared to the year-end inflation of the previous year,” he defined.
His statements got here a day after the official knowledge confirmed that annual inflation stood at 44.4% in December, under the market estimates and shut according to the ultimate projection of the Turkish central financial institution.
“Our fight against inflation continues. This fight will continue in 2025. We will continue our disinflation policy strongly. As a result, we will carry our country to much lower inflation rates,” mentioned the vice chairman.
“This is very important and valuable in every respect, from the perspective of permanent social welfare, improving income distribution and growth,” he famous.
Yılmaz additionally mentioned that previously, Türkiye achieved single-digit inflation for a very long time and achieved the very best progress and enhancements in revenue distribution and social welfare throughout these durations.
Stating that they count on the identical because of these insurance policies, Yılmaz mentioned, “We continue our policies toward more stable, sustainable high growth and an environment where social welfare increases permanently.”
“Most importantly, in the transition process, we reduced our current deficit and need for foreign exchange. Our current deficit was at the level of $40.5 billion at the end of 2023 and corresponded to 3.6% of our national income. As a result of the policies we implemented, we have reached a current deficit below $10 billion and is below 1% of our national income,” he acknowledged.
Separately, in a gathering with economic system reporters in Istanbul, the vice chairman additionally hinted at a brand new research for the minimal pension within the nation.
Asked in regards to the views on the rise in pensions, Yılmaz mentioned that it could not be proper to check the minimal wage fee with the rise fee for retirees.
He additionally famous that rises in pensions and will increase in salaries for officers happen each six months, reminding that this is able to once more be renewed in July.
“We think it is not right to keep the minimum as it is while other wages are increasing. We will conduct a study and a legal regulation will probably come to the agenda, I think this will happen in January,” he mentioned.
Source: www.dailysabah.com