06.09.2026 13:50
Minister of Treasury and Finance Mehmet Şimşek made striking assessments regarding inflation at the meeting where the Medium-Term Program was announced. Stating, "We are not at the point we desire," Şimşek said the initial targets were ambitious and that they likely underestimated inflation inertia. Şimşek emphasized that it was important that inflation did not spiral out of control despite serious shocks such as the earthquake, the FX-protected deposit scheme, and the early retirement regulation.
Minister of Treasury and Finance Mehmet Şimşek made assessments regarding the Turkish economy and the fight against inflation at the event where the Medium-Term Program (MTP) was announced.
"WE ARE NOT AT THE POINT WE DESIRED"
Speaking about the current level of inflation, Şimşek clearly stated that the targeted point has not yet been reached. Referring also to the initial targets, Şimşek said, "Yes, we are not at the point we desired. Of course, our targets at the beginning were ambitious. We probably underestimated the inertia."
"INFLATION COULD HAVE GONE OUT OF CONTROL"
Stating that the Turkish economy is going through a challenging period, Şimşek argued that the economy's resilience to shocks has increased.
Şimşek said, "Look, let's speak openly here. I say this sincerely. In this difficult geography, in this difficult period, there has been a serious increase in the economy's resilience to shocks. This is reflected in these figures. In all circumstances, inflation could have gone out of control, let alone decreased, but it did not."
HE LISTED THE EARTHQUAKE, CCF, AND EYT
While listing the developments affecting the economy, Şimşek drew attention to the earthquake that occurred in 2023, the Currency Protected Deposits (CCF), and the EYT.
Minister Şimşek said, "In 2023, there was an earthquake, there are consequences arising from the CCF, and there is the EYT. We faced serious shocks. It was important that inflation did not go out of control."