Mehmet Şimşek

The annual inflation rate has accelerated from 69.8 percent in April to 75.45 percent in May, data from the Turkish Statistical Institute (TÜİK) showed on June 3.

Consumer prices rose by 3.37 percent last month after increasing 3.18 percent in April.

The Turkish economy grew by 5.7 percent in the first quarter of 2024 from a year ago, accelerating from the 4 percent of expansion in the final quarter of 2023, data from the Turkish Statistics Institute (TÜİK) have shown.

The quarterly growth of the Turkish economy quickened from 1 percent to 2.4 percent.

Türkiye's sole focus is now on price stability, Treasury and Finance Minister Mehmet Şimşek has announced, projecting September inflation to potentially reach 40 percent.

Structural reforms that are one of the main pillars of the government's economic program remain a priority, said the statement released after the Economic Coordination Board meeting.

Authorities are working on the establishment of special real estate investment funds that will increase home supply and help reduce property prices, Treasury and Finance Minister Mehmet Şimşek has said.

Türkiye and the European Union have made progress in removing trade irritants and launching talks for the modernization of the current customs union, a senior EU official has said, reminding that trade volume between the two sides has surpassed 200 billion euros in 2023.

A measure that limits rent increases to a maximum of 25 percent is not likely to be extended once again when it expires in July.

The Central Bank's Monetary Policy Committee (MPC) will meet for a fifth time this year to decide on the one-week repo auction rate.

Economists widely expect the bank to keep the key interest rate unchanged at 50 percent on May 23 as it did at the MPC meeting in April.

The positive results of the economic program the government is implementing are reflected in inflation expectations, Finance Minister Mehmet Şimşek said.

The inflation expectations for the end of 2024 declined from 44 percent in April to 43.64 percent in May, the Central Bank's Survey of Market Participants showed on May 17.

Türkiye has a credible, robust program to bring inflation down, Finance Minister Mehmet Şimşek said, stressing that the monetary policy course correction "is largely done."