Trade minister points to progress in fight against inflation

BİLECİK

Türkiye has brought annual inflation down from its 2024 peak of more than 75 percent to 31.75 percent, Trade Minister Ömer Bolat has said, while outlining expanded financing and export support for businesses.

Speaking at a meeting with business and civil society representatives in the northwestern province of Bilecik, Bolat said the decline had continued despite regional conflicts and difficult global economic conditions.

Official data showed that annual consumer inflation eased from 32.11 percent in June to 31.75 percent in July. Consumer prices rose 1.78 percent on a monthly basis.

Bolat also said Türkiye’s annualized goods and services exports reached $401.1 billion at the end of July.

Goods exports stood at a record $278.6 billion, while annual services exports were estimated at $122.6 billion, according to the minister.

Bolat said the government had raised the volume of Central Bank-backed investment loans from 500 billion Turkish Liras ($12.1 billion) to 750 billion liras and allocated an additional 250 billion liras in working-capital financing for industrial companies.

Exporters also have access to Central Bank rediscount loans, financing from Türk Eximbank and 45 billion liras in government support for goods and services exports this year, he added.

Bolat announced that an additional 100 million liras would be made available to tradespeople in Bilecik through the Union of Credit and Guarantee Cooperatives for Tradesmen and Craftsmen, known as TESKOMB.

Businesses in the province used 471 million liras in loans carrying a 50 percent interest subsidy in 2025 and a further 278 million liras in the first seven months of this year, he said.