Turkey establishes Price Stability Committee

ANKARA

Turkey on June 30 established a new Price Stability Committee to help step up the country’s fight against inflation, as pledged in the government’s landmark economic reform package this March.

The committee, under the coordination of the Treasury and Finance Ministry, will contribute to the permanent establishment and maintenance of price stability, according to a presidential decree.

The committee includes the ministers of treasury and finance, trade, labor and social security, energy and natural resources, industry and technology, and agriculture and forestry, plus the Central Bank governor and the chief for strategy and budget under the presidency.

Commenting on the move, Treasury and Finance Minister Lutfi Elvan said the new committee’s main purpose is to develop solutions to supply shocks that pose risks of inflation.

"There is no intervention in the Central Bank in any way," Elvan wrote on Twitter.