Albayrak says inflation to peak in October, enter downward trend by year-end

ANKARA

Turkey’s inflation will peak in October, but enter a downward trend by the end of the year, Finance Minister Berat Albayrak said on Sept. 20, hours after unveiling a new medium-term program.

Speaking at an interview with broadcaster CNN Türk, Albayrak also said fluctuations and speculative moves in the economy had damaged balance sheets, causing an indirect impact on the country’s banking sector.

Earlier, Turkey sharply cut its growth forecasts for this year and the next in its medium-term program, setting inflation forecasts at 20.8 percent this year and 15.9 percent in 2019.