Turkish finance minister says inflation will come down to single digits by mid-2023

Finance Minister Nureddin Nebati said on Saturday inflation in Turkey will come down to single digits by the time of presidential and parliamentary elections set for mid-2023, after it soared to a 19-year high of 36% in December.

Speaking to heads of non-governmental organizations in Istanbul, Nebati also said the conversion of forex holdings to Turkish lira will accelerate in the coming weeks.

He added that as of Friday night more than 131 billion lire ($9.69 billion) had been deposited in accounts under a government scheme that protects lira deposits from forex depreciation.