Turkey will set up a price stability committee to fight inflation.

The President Recep Tayyip Erdogan announced the formation of a price stability committee during his speech on anticipated economic reforms last week.

Erdogan said that the fight against inflation and budget discipline are the priorities of his proposed economic reforms. Therefore it is important to create such a committee to effectively fight inflation , while the rise in prices in the public sector will be based on targeted inflation.

“The priority on the agenda is fighting inflation. The target is single-digit inflation,” Erdogan claimed, mentioning that  “early warning system” for food prices is also being developed.

"We are creating a committee for price stability. We believe that this committee will increase the effectiveness of the fight against inflation. The committee  includes the ministers of finance and treasury, technology and energy" - Erdogan said.
During his speech, the Turkish lira strengthened to 7.5660 against the US dollar.