BAKU, Azerbaijan, June 24. No significant negative effects on Azerbaijan's financial system are expected from inflation in Türkiye, the country’s finance minister Samir Sharifov exclusively told Trend.
"Our financial system is in a fairly balanced state, and the banking system is reliable. The country has significant reserves and very low debt. Therefore, we do not anticipate any significant negative effects," added the minister.
Inflation in Türkiye stood at 39.59 percent in May. In order to contain inflation, the country’s Central Bank made the decision to raise the key interest rate from 8.5 percent to 15 percent annually. Following this announcement, the Turkish lira, for the first time in history, surpassed the 24 lira per dollar mark and continued to weaken. The Turkish regulator intends to pursue this policy until a significant improvement in the inflation forecast is achieved.
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