Mehmet Şimşek

Finance Minister Mehmet Şimşek has announced that inflation in Türkiye is projected to drop below 20 percent next year and to single digits the following year, urging the business community to consider the Medium-Term Program in their financial calculations.

Interest in Türkiye is growing, Finance Minister Mehmet Şimşek has said on social media platform X, after holding talks in Germany during a one-day visit.

He had productive meetings with executives of large companies and investors in Germany, the minister said.

"We are intensifying our efforts to increase international direct investments, which is our main goal," Şimşek added.

Türkiye's annual inflation will decline around 30 percent in the first quarter of 2025, before easing further down to the 20 percent range in June or July, Finance Minister Mehmet Şimşek has said.

"I sincerely believe that by the end of 2025, we will be able to reduce inflation to below 20 percent," Şimşek said in an interview with private broadcaster CNN Türk.

Treasury and Finance Minister Mehmet Şimşek has stated that his ministry will release the names of taxpayers with outstanding tax liabilities and penalties amounting to 5 million Turkish Liras ($146,750) or more to the public.

In a sweeping effort to combat tax evasion, Türkiye's Treasury and Finance Ministry has identified approximately 700,000 taxpayers who failed to declare their rental income, despite being reminded to do so.

The crackdown comes as a part of a broader initiative to reduce informality in the economy and ensure tax compliance across the country.

Turkish authorities are investigating social media posts that falsely claimed that Finance Minister Mehmet Şimşek had resigned.

Last week rumors emerged alleging that Şimşek intended to tender his resignation but was pursued to remain in office.

The government will soon introduce practices to streamline bureaucratic processes for taxpayers, Treasury and Finance Minister Mehmet Şimşek has announced.

Şimşek said the Revenue Administration is working on a series of draft communiqués that will provide convenience to taxpayers, and the drafts will soon be made public for input and opinions.

Türkiye's annual consumer inflation significantly cooled to a nine-month low of 61.78% this July, below economists' forecasts, according to official data released on Monday.

Headline inflation decreased for the second consecutive month in July from 71.60% in June, the Turkish Statistical Institute (TurkStat) data showed.

President Recep Tayyip Erdoğan has pledged that Türkiye will take decisive measures against "expansionist ambitions" to ensure regional stability and security.

With the approved loan of $600 million, the amount of financing provided by the World Bank for Türkiye in 2024 is close to $3.7 billion, Treasury and Finance Minister Mehmet Şimşek has announced.