Nureddin Nebati

Businesses in Türkiye should not be concerned by the threat of sanctions, Treasury and Finance Minister Nureddin Nebati said on Aug. 26.

Debts of some 6 million people, including those to utilities and phone companies, amounting to 30 billion Turkish Liras will be canceled as part of the government's plans to support low-income groups.

Those debts to be canceled include unpaid electricity, water, natural gas and telephone bills.

The economic growth rate is expected to be above 7.3 percent in the second quarter of 2022, Treasury and Finance Minister Nureddin Nebati has expressed.

"The economy grew by 7.3 percent in the first quarter. We are expecting a growth rate above that in the second quarter," Nebati said in an interview with private broadcaster NTV on Aug. 23.

A regulation imposing restrictions on the sale of second-hand cars to rein in a surge in vehicle prices has been published in the Official Gazette.

According to the new rules, those who engage in the trade of second-hand cars will not be able to sell their vehicle for six months from the first date of registration of the vehicle or until the car covers at least 6,000 kilometers.

Nearly 1,4000 supermarkets operated by the Agricultural Credit Cooperatives on Aug. 15 began to offer more than 30 items, at discounted prices.

Those items include, meat, poultry, flour, sugar, rice, onions, sunflower seed oil, liquid soaps and paper towels as well as some fruits.

The residential property market is on the government's radar, while excessive price movements are being closely watched, Treasury and Finance Minister Nureddin Nebati has said.

A comprehensive study on the sharp increases in the real estate market has been launched, Nebati said. "We are doing and will continue to do what is necessary."

The increase in consumer prices will be lower in August, and inflation will start to ease in December, Treasury and Finance Minister Nureddin Nebati has said.

"We have not compromised on economic growth. That is why the fight against inflation is taking some time," Nebati said in a televised interview on Aug. 3.

Treasury and Finance Minister Nureddin Nebati is attending the gathering of G20 finance ministers and central bank chiefs in Indonesia where they seek strategies to counter the economic fallout from the war in Ukraine, inflation and other global crises.

The fight will continue until the target of establishing permanent price stability is reached, Treasury and Finance Minister Nureddin Nebati has said, adding that the FX-protected deposit scheme (KKM) has helped curb local demand for foreign currencies.

Inflation in Türkiye in June soared to an annual rate of 78.6 percent -- the highest in 24 years, according to official data released on July 4. 

The inflation rate reported by Türkiye's state statistics agency was the highest since January 1998.

Inflation had stood at 73.5 percent in May and at 15.0 percent at the start of last year.