'Strong public finance to remain important pillar of Turkey's macroeconomic stability'

By Aysu Bicer and Gokhan Ergocun

ANKARA (AA) - Strong public finance will continue to be an important pillar of macroeconomic stability in Turkey, the country's treasury and finance minister said on Tuesday.

"On the inflation front, unfortunately, we aren't at the level we desire," Lutfi Evan said in a speech at the Turkish Capital Markets Congress in Istanbul.

Stressing that foreign exchange rates will stabilize and risk premiums will fall as the fight against inflation continues, Elvan said: "The global conjuncture and the domestic outlook reveal that we need to be extremely careful in the fight against inflation."

"As I always underline, we're in favor of private-sector-led, balanced, sustainable, competitive, and employment and environmentally-friendly growth," he said.

Elvan also said the Treasury and Finance Ministry clearly showed determination in fighting inflation, taking timely macroprudential measures when necessary.

Turkey registered an annual increase of 19.89% in consumer prices in October.

On Oct. 28, Turkey's Central Bank raised its year-end inflation forecast to 18.4% for 2021, up from 14.1% in its previous report.