President Recep Tayyip Erdoğan on Thursday emphasized that Türkiye is overcoming the difficult periods, and that the success of the government's economic program is being recognized not just domestically, but also by international institutions.
Addressing reporters aboard the presidential plane after attending the United Nations General Assembly in New York, Erdoğan stressed taking inflation under permanent control remains the government’s utmost priority.
"We are now leaving the difficult economic times behind. The success of the (medium-term economic) program we are implementing is now being recognized not just by us, but by international organizations," the president said.
"Our current focus is on addressing the inflation issue that has been challenging our people."
Annual inflation dipped below 52% in August, compared to its peak of 75% this May. It is expected to maintain the downward trend amid the aggressive monetary and fiscal tightening.
The government forecasts inflation would fall below 42% by year-end.
"We have started to rein in inflation, and we've initiated a permanent disinflation process. This is not a temporary decrease; it's a solid and sustainable decline, and it will continue to accelerate," Erdoğan noted.
"Our citizens have begun to feel the effects of this decline, and they will notice it more clearly in the coming period."
The Central Bank of the Republic of Türkiye (CBRT) has held its key policy rate steady at 50% since this March, having delivered a 4,150 basis-point hike since June 2023 to counter stubborn inflation.
After its last rate-setting meeting last week, it said it remained highly attentive to inflation risks but dropped a reference to potential tightening, which is said to provide the first guidance signaling that rate cuts will eventually come.
Some economists believe that a rate cut could occur as early as November, while others argue that it might be more prudent to wait until 2024.
Erdoğan said Türkiye is proceeding in a disciplined manner.
"We have achieved all this despite the turmoil and instability in our region, and we will continue on this path," he added.