Mehmet

Conventional policies will be employed to curb inflation, Finance Minister Mehmet Şimşek has said, reiterating that there will be a steep fall in inflation in the second half of 2024.

Türkiye aims to increase bilateral trade volume up to $30 billion in the medium term, Vice President Cevdet Yılmaz said, adding that Türkiye may welcome more tourists from Saudi Arabia.

Housing supply will be boosted in order to tame increases in rent prices and support the fight against inflation, Treasury and Finance Minister Mehmet Şimşek has said.

The devastating twin earthquakes in early February last year affected not only buildings but also the economy of southern Türkiye.

Before the earthquakes, Adıyaman's economy was based on two main pillars: Agriculture and livestock, and textile factories, which accounted for almost 90 percent of the city's industry. Food, construction and building materials were also produced.

Eyes will be on Fatih Karahan, who took the helm of the Turkish Central Bank last week, as he is set to present the banks' first quarterly inflation report of 2024 on Feb. 8.

Türkiye's annual inflation rate increased from 64.77 percent in December last year to 64.86 percent in January, the data from the Turkish Statistical Institute (TÜİK) showed on Feb. 5

The month-on-month consumer price inflation, which has been declining since August last year reserved course last month, but this was widely anticipated.

Türkiye's central bank chief Hafize Gaye Erkan said on Feb. 2 that she was resigning after less than a year on the job.

The economic program the government is implementing is working and yielding results, Treasury and Finance Minister Mehmet Şimşek has said, noting that the monthly inflation is declining.

Türkiye's tourism revenues increased by 16.9 percent last year compared to 2022 to $54.3 billion, while foreign tourist arrivals rose more than 10 percent to 49.2 million, separate official data showed on Jan. 31.

Tourism revenues remained below the target of $55.6 billion, Treasury and Finance Minister Mehmet Şimşek commented.

Treasury and Finance Minister Mehmet Şimşek announced that the first phase of the reform of state-owned enterprises (SOEs) based on transparency and in line with austerity measures has been completed.

Şimşek, who recently highlighted the need for savings in the public sector in his speech to governors, has provided important information on the need to reform SOEs.