Nebati said inflation will peak in April

At a press conference, Treasury and Finance Minister Nureddin Nebati stated that inflation will reach its peak in April, but will not exceed 50 percent, and that the Turkish lira will stabilize this year.

In an interview with the Japanese news agency Nikkei, Minister Nebati said, "I don't think we will see 50 percent levels of inflation. I hope I am not wrong."

Stating that Turkey will face an important inflation problem, but other countries in the world are also suffering from the same problem, Nebati said, "We expect inflation to rise in January and remain at high levels for a certain period of time. We think that inflation will start to recover in the summer months and will decline sharply in December due to the base effect."

"We do not expect any further depreciation in the Turkish lira"

Nebati said that they do not expect any further depreciation in the Turkish lira and that there will be no imbalance between the exchange rates at the time he took office and the exchange rates at the end of the year.

While emphasizing that the growth in 2021 is around 10–11 percent, exceeding the medium-term economic program targets, Nebati stated that they expect the growth to be around 5 percent in 2022, in line with the medium-term economic program targets.

"Treasury and the Central Bank will not just be an observer"

Even admitting that the Central Bank had direct and indirect interventions before the currency-protected deposit instrument was announced, Nebati emphasized that there was no intervention after the instrument was announced and said, "Even if it happened after the announcement, these are just minor touches."

Nebati said, "Therefore, we have a central bank, public institutions, and economic management to intervene when necessary. You can use all the instruments if necessary. The Treasury and the Central Bank will not just be an audience."

About how long the currency-protected deposit program will continue, Nebati said, "We will continue as long as there is a need, and when we think it has reached its peak, we will stop and make a decision."

"We will tell investors that there is no rate hike on our calendar"

Nebati said he will go to London to meet with investors on Monday and Tuesday next week.

He will accompany President Erdogan on his visit to the United Arab Emirates after London and then go to Jakarta for the G20 summit from there.

Nebati said that he will visit London and Bahrain once again and that he will also visit Japan, China, and Singapore in the spring to complete his tour of Europe, the Gulf, and East Asia.

Nebati added, "We will tell (investors) that there is no going back from the policies we follow and there is no rate hike on our calendar. We will make sure that they hear this from the most competent authority on the subject. We will explain in a transparent way what kind of economy they will face."