‘Single-digit inflation’ statement from the Economic Coordination Board

The meeting of the Economic Coordination Board (EKK), chaired by Vice President Cevdet Yılmaz, ended.

The following statements were included in the Board’s pronouncement, emphasizing single-digit inflation:

“Ensuring price stability remains our top priority. The goal is for disinflation to set in as soon as possible and inflation to fall to single digit levels in the medium term as a result of controlling the deterioration in price behavior and anchoring expectations through the monetary adjustment process.

In addition to price stability, we will continue to adopt effective and decisive measures in the field of our policies that prioritize investment, employment, production and exports.

The meeting at the Presidential Complex was attended by Minister of Labor and Social Security Vedat Işıkhan, Minister of Energy and Natural Resources Alparslan Bayraktar, Minister of Finance and Finance Mehmet Şimşek, Minister of Industry and Technology Mehmet Fatih Kacır , Minister of Agriculture and Forestry İbrahim Yumaklı, Head of Strategy and Budget of the Presidency İbrahim Şenel, Governor of the Central Bank Hafize Gaye Erkan, Chairman of the Capital Markets Board (SPK) İbrahim Ömer Gönül, Chairman of the AK Party Group Abdullah Güler, Vice President of the AK Efkan Ala Party and representatives of related institutions and organizations.

SUBJECTS DISCUSSED AT THE MEETING

According to the EKK statement, the topics discussed at the meeting are as follows:

* At the meeting, the latest situation of the PMP studies (2024-2026), the macroeconomic forecasts that will be included in the Program and the priority areas of structural reform were first evaluated.

* With the PMP, which has three main pillars: monetary policy, fiscal policy and structural reform, it is intended to achieve a structural transformation that increases competitiveness and productivity in production and develops the potential of the economy.

* The measures adopted were evaluated taking into account the recent evolution of gold imports, which had a significant impact on the current account deficit, and the expectations of exporters in this context.

* The overall energy outlook was assessed, which is an important issue given the foreign trade deficit.

* Details of the comprehensive roadmap that will reduce our dependence on foreign energy and ensure the security of our energy supply were discussed with Board members.

* In addition, it was decided to speed up efforts to develop the emissions trading system in line with international standards and the EU acquis.