Turkey establishes price stability committee to help tackle inflation

Turkey’s government established a price stability committee aimed at bringing down double-digit inflation. The formation of the commitee will not hinder the powers of the central bank according to Treasury and Finance Minister Elvan.

The government announced the decision in a presidential decree published in the Official Gazette on Wednesday.

The committee will operate under the supervision of the Treasury and Finance Ministry. Its members will include six ministers, the governor of the central bank and the head of the presidential strategy and budget department.

Turkey’s consumer price inflation rate stood at 16.6 percent in May, the highest in major emerging markets after crisis-hit Argentina.

The committee will develop structural economic policy proposals by observing the coordination of monetary and fiscal policies, according to the decision. It will determine the measures to be taken to ensure price stability by assessing the risks and ensuring that steps are taken by relevant institutions and organisations.

The body may invite members of the private sector, non-governmental organisations and universities to its meetings.