Turkish Finance Minister Unveils Package of New Economic Measures

Turkish Finance Minister Unveils Package of New Economic Measures

On February 12, newly appointed Turkish Finance Minister Nureddin Nebati unveiled a new package of economic measures. Its goal is to reduce inflation by increasing production and exports. 

Turkish President Recep Tayyip Erdogan during the conference also announced a 7 percentage point tax cut. 

Value added tax on food purchases will be reduced from 8% to 1%. The reason for this decision is the increasing inflation. The decision has already been confirmed by state officials and will take effect from Monday. 

Erdogan said that in addition to tax cuts, the government will take a number of measures. Among them are recommendations to large food companies to reduce prices by 7%.