Turkish Finance Minister Nureddin Nebati predicts inflation at 48-49 percent by the end of 2022, by the end of 2023 he expects it to decline to 19.9 percent, according to him, a change in the discount rate in the short term is not considered.

Annual inflation in Turkey in May accelerated to 73.5% from 69.97% in April, the country's Institute of Statistics reported earlier. The Central Bank of Turkey in May raised its inflation forecast for the end of 2022 from 46.44% to 57.92%. This year, the regulator keeps the discount rate unchanged at 14%.

By the end of 2022, according to forecasts, inflation will be 48-49 percent, 19.9% ​​at the end of 2023, Milliyet newspaper quoted Nebati as saying.

The minister also noted that in the short term, neither an increase in the interest rate of the Central Bank of Turkey, nor its reduction is considered.

Last year, after several rate cuts, the depreciation of the lira accelerated sharply, which negatively affected the country's financial system. Annual inflation against the backdrop of fluctuations in the national currency then accelerated to 36%.