Turkish President Erdogan Vows to Stabilize Prices and Reduce Inflation

The President of Turkey, Recep Tayyip Erdogan, promised on Tuesday, at the conclusion of the first meeting of his new government after his electoral victory at the end of May, that will stabilize prices and reduce inflation to single digit values.

“We are determined to remove the problem of exorbitant prices and high prices from the nation’s agenda,” Erdogan said when appearing before television cameras after the first meeting with his new cabinet, in which practically all the ministers have changed.

“Inflation has dropped to below 40%. Just as we have managed to lower it to single digits before, we will achieve it again,” said the president, apparently alluding to the economic recovery programs implemented in the first half of the century, during which his party came to power.

Between 2004 and 2017, the inflation in Türkiye was less than 10% and remained below 20% between that year and December 2021when it began to shoot up to over 80% last summer, although this month it fell back to 39%.

Erdogan awarded the Finance portfolio to orthodox economist Mehmet Simsek, who already held this position between 2009 and 2015 and enjoys a good reputation in international markets.

The Turkish president also promised “to protect the family and youth against perverse currents”a formula that is commonly used for those who defend the rights of homosexuals, legal guidance in Turkey since 1858.

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“In this sense, we will once again submit to Parliament the reform of the proposed Constitution before the elections,” the president announced, without offering further details.

The coalition between his party, the Islamist AKP, the ultranationalist MHP and the fundamentalist YRP has 322 deputies, far from the two-thirds majority to approve a reform of the Magna Carta and 8 below the three-fifths required to call a referendum.