Erdogan announced the focus of the Turkish authorities to reduce the discount rate

“This government will not raise the rate, on the contrary, it will aim to reduce it,” RIA Novosti quotes Erdogan as saying at a meeting after the Cabinet.

According to the Turkish Institute of Statistics, annual inflation in the country accelerated to 73.5% in May from 69.97% in April.

Earlier, Turkish Finance Minister Nureddin Nebati said that inflation in the country is expected to reach 48-49% by the end of the year.