Turkish lira falls on finance minister Berat Albayrak’s tax cut announcement
The Turkish lira fell this afternoon as the country's finance minister announced a range of tax cuts.
The currency dipped by more than one per cent this afternoon as finance minister Berat Albayrak announced plans to cut tax in sectors including automotives, white good and furniture.
Albayrak, who is the son-in-law of Turkey’s president Recep Tayyip Erdogan, tweeted: “Today, we are launching a series of VAT and STV reductions in the automotive, white goods, commercial vehicles, furniture and housing sectors.
“With discounts to be applied in six headings, our aim is to support the total struggle with inflation, balancing and employment in the economy.”
The lira has recovered slightly from August lows, when it had lost almost 40 per cent of its value against the dollar however a 24.52 per cent inflation rate in September saw consumers hit with huge price increases, according to the latest data from the Turkish Statistical Institute.
Prices grew by 17.9 per cent in August, worsening by 6.3 per cent last month, the institute’s figures show.