Turkish Finance Minister Mehmet Simsek said on Thursday that his country is currently pursuing predictable economic policies based on the foundations of a market economy, a free exchange rate system and a model targeting inflation.
Şimşek predicted that these policies would attract capital and stabilize the lira, which has recently fallen against the dollar.
Şimşek wrote in a tweet that price stability and monetary policy would support the implementation of economic policies, after the Turkish central bank raised the interest rate by 650 basis points to 15%.
Turkey has been pursuing an unconventional economic policy of lowering interest rates despite record highs.
In previous related press statements, Şimşek stressed that reducing inflation to single digits in the medium term is among the government's priorities.
Transparency, consistency, predictability and compliance with international standards will be our basic principles for achieving the goal of raising the level of social welfare.
He pointed out that "Turkey is left with no choice but to return to a rational basis, as the rules-based and predictable Turkish economy will be the key to our access to the desired prosperity."
The government will prioritize macro-financial stability by enhancing quality and institutional capacity under conditions of growing global challenges and geopolitical tensions.