Turkey to Adhere to Strict Fiscal Policy to Reduce Inflation - Minister

ANKARA (Sputnik) - Turkey will stick to strict financial discipline, whose main priority will be the reduction of inflation to less than 10 percent, Turkish Finance and Treasury Minister Berat Albayrak said on Thursday during a video conference with foreign investors.

"We will work to achieve a more sustainable growth with the use of precautionary measures in the macroeconomy, strict fiscal policy… The inflation reduction is our main priority. We want to bring it down to a single-digit level as soon as possible," Albayrak said as quoted by the Anadolu news agency.

The Turkish minister also refuted reports about talks with the International Monetary Fund.

"We are not in talks with the International Monetary Fund. We will continue to ensure funding from international markets… We are aware of recent fluctuations, challenges. We know our country's potential. We will emerge stronger with steps we will take," Albayrak indicated.

READ MORE: US to Slap New Sanctions on Turkey if It Refuses to Release US Pastor- Treasury

The statement followed the Saturday's accusations by Turkish President Recep Tayyip Erdogan, who said that Washington was waging "economic war" against Ankara after the increased levies were announced. In response, Turkey doubled tariffs on some US imports, including cars, alcohol and tobacco.

The latest lira downfall is connected with the doubling of import tariffs, announced on August 10 by US President Donald Trump. The US president had authorized the raise the tariffs previously imposed on Turkish aluminum and steel to 20 percent and 50 percent, respectively. The Turkish lira, though, strengthened on Wednesday and Thursday after media reports about Qatar's intention to invest in the Turkish economy $15 billion.

READ MORE: Turkish Lira Recovers After Record Fall as Qatar Pledges $15 Billion