Nureddin Nebati

Treasury and Finance Minister Mehmet Şimşek has revealed that the government's economy program will focus on three main factors with an aim to fight inflation and bring financial stability to the country.

Türkiye is accelerating efforts aimed at obtaining additional foreign resources for the country in order to further strengthen its reserves, Treasury and Finance Minister Mehmet Şimşek said.

The Central Bank's net international reserves surged by $8.5 billion last week, Şimşek added in a post on Twitter, noting that this was the largest weekly increase ever on record.

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.

Treasury and Finance Minister Nureddin Nebati has stated that public finance continues to be one of the strongest elements of the Turkish economy despite all the negative developments in the world, and that the government has never and will never compromise on fiscal discipline.

Demand has been strong for the newly introduced revenue-indexed domestic bonds, Treasury and Finance Minister Nureddin Nebati has said.

Turkey will maintain fiscal discipline while continuing to implement practices to provide support to low-income people, Treasury and Finance Minister Nureddin Nebati has said.

Speaking to businesspeople in the southeastern province of Gaziantep, Nebati dismissed suggestions that the public finances deteriorated.

The foreign exchange-protected deposit scheme, which has been implemented to stop the rise in the dollar exchange rate and criticized for creating "risks on the budget," will continue, Treasury and Finance Minister Nureddin Nebati has said.

Fighting inflation will be the government's top priority in the coming period, Treasury and Finance Minister Nureddin Nebati said, reiterating that effectively using monetary and macroprudential policies will be crucial to curb price increases.