Türkiye reining in inflation, says President Erdogan

ISTANBUL

Türkiye is slowly reining in inflation, President Recep Tayyip Erdogan said on Friday, adding that now is the time to make progress on structural reforms.

He stressed that the country is prioritizing saving awareness in all expenditures except for earthquake spending, speaking in Istanbul at the 51st General Assembly of Turkish Employers’ Association of Metal Industries.

Last year, twin devastating earthquakes hit 11 provinces in Türkiye, causing thousands of deaths as well as huge economic losses.

Türkiye's annual inflation rate was at 49.38% in September, its lowest level since July 2023.

Erdogan also said the Turkish Central Bank's reserves hit a record level of $156 billion last month and the country's exports exceeded $260 billion annually.

In the first eight months of this year, employment rose by 654,000 people, while the unemployment rate was 8.5%, he noted.

He underlined that the country continues its policies seeking to reduce unemployment, boost employment, and curb the informal economy.