President Recep Tayyip Erdogan announced a set of measures wednesday designed to release the pressure on households and businesses struggling pay the energy bills after slashing the prices on basic foods to fight inflation days before.
In a televised address following a Cabinet meeting, Erdoğan said authorities would readjust the level below which higher electricity tariffs for households using more energy kick while some 4 millions of homes in the country of more over 84 millions people would receive state subsidies for help with high natural gas and electricity bills.
Civil society organizations would no longer pay higher energy tariffs that apply to businesses, he said, adding that some small companies would be also to be able to benefit from adjusted rates.
Inflation in Turkey climbed to 20-year official high of nearly 49% in January eats away at savings.
Households and businesses have also been hit with sharp hikes in energy prices after authorities increased electricity tariffs on January 1, soaring prices of more more than 50 % for many homes and up to 127% for businesses and high-consumption households.
Protests broke out out against high electricity bills and many small companies, like restaurants, have high electricity bills on shop windows at show how they are close to being driven out of business.
“We continue to support households in electricity and natural gas. We listen to the voice of our nation and find solutions to their problemsaid Erdoğan.
The president reaffirmed that the high inflation was “temporary” and that the new economic path will wear results.
“Our most important problem is high inflation. Hope we get over it and see it go down month after month,” he said.
the government kissed a model based on reduce borrowing costs, saying that credit, exports and investment help the country weather inflation.
Erdoğan has previously said that new economic path will be also ultimately help Turkey solve it’s chronic current account deficit problem and help stabilize the Turkish lira.
AT support the drivethe center of Turkey bank had brought down the key policy rate per 500 points since September at 14% but interrupted the easing cycle in January.
At the start of the week, the government lower the value-added tax on basic food supplies at 1% versus 8%.
President Recep Tayyip Erdogan announced a set of measures wednesday designed to release the pressure on households and businesses struggling pay the energy bills after slashing the prices on basic foods to fight inflation days before.
In a televised address following a Cabinet meeting, Erdoğan said authorities would readjust the level below which higher electricity tariffs for households using more energy kick while some 4 millions of homes in the country of more over 84 millions people would receive state subsidies for help with high natural gas and electricity bills.
Civil society organizations would no longer pay higher energy tariffs that apply to businesses, he said, adding that some small companies would be also to be able to benefit from adjusted rates.
Inflation in Turkey climbed to 20-year official high of nearly 49% in January eats away at savings.
Households and businesses have also been hit with sharp hikes in energy prices after authorities increased electricity tariffs on January 1, soaring prices of more more than 50 % for many homes and up to 127% for businesses and high-consumption households.
Protests broke out out against high electricity bills and many small companies, like restaurants, have high electricity bills on shop windows at show how they are close to being driven out of business.
“We continue to support households in electricity and natural gas. We listen to the voice of our nation and find solutions to their problemsaid Erdoğan.
The president reaffirmed that the high inflation was “temporary” and that the new economic path will wear results.
“Our most important problem is high inflation. Hope we get over it and see it go down month after month,” he said.
the government kissed a model based on reduce borrowing costs, saying that credit, exports and investment help the country weather inflation.
Erdoğan has previously said that new economic path will be also ultimately help Turkey solve it’s chronic current account deficit problem and help stabilize the Turkish lira.
AT support the drivethe center of Turkey bank had brought down the key policy rate per 500 points since September at 14% but interrupted the easing cycle in January.
At the start of the week, the government lower the value-added tax on basic food supplies at 1% versus 8%.