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

ISTANBUL (Reuters) – 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.

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Shoppers carry bags as they stroll at the Eminonu district in Istanbul

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

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

($1 = 13.5214 lira)

(Reporting by Ali Kucukgocmen; Editing by Mark Heinrich)