During a televised interview, Economy Minister Mustafa Elitaş said the Central Bank of the Republic of Turkey (CBRT) is looking to market developments to set interest rates and is acting upon global economic conditions, adding that interest rates should be at the minimum level.

Elitaş said Turkey's growth estimate for 2015 is around 3.7 percent, and it is aimed to be upgraded to 4 percent for 2016. Although this is not excellent, it is sufficient when considering current global conditions, he added. The minister also said the 30 percent minimum wage hike will have a 1 percent impact on inflation this year, and the economy administration will strive to keep inflation at 8 percent. Stressing that food prices pose risks, the minister said there is a high gap between field food prices and market prices. "We can see more positive developments in inflation this year," the minister said. Touching on foreign trade with Russia, Elitaş said Turkey will monitor whether Russia violates World Trade Organization (WTO) rules and regulations.