Turkey Faces Hyperinflation Threat, Former Economy Minister Warns

Ali Babacan, the former Minister of Economy of Turkey and leader of the opposition "Democracy and Progress" Party, has warned of a serious risk of hyperinflation in the country. According to him, Turkey has entered a period of chronic inflation.

"If they continue to print money without any plan, Turkey will enter a phase of hyperinflation. I warn you—don’t harm this nation. The more money you print, the more you reduce the value of money," said the politician, as quoted by the newspaper "Sözcü".

The opposition figure promised that if he comes to power after the 2023 elections, he will be able to minimize inflation. "We will bring inflation down to single digits. We have done it before, and we will do it again. We will overcome the crisis in six months," assured the former Minister of Economy of Turkey.

According to official data, Turkey's inflation rate reached 69.97% in April, up from 61.14% the previous month. In light of rising inflation, the exchange rate of the Turkish lira has decreased by nearly 5% against the US dollar since early May.