As TOBB, TESK, MÜSİAD, and TÜSİAD, representing Turkey's merchants, industrialists, and tradespeople, we believe that price stability is Turkey's top priority for economic growth and employment during the normalization process following the COVID-19 pandemic, which has seen significant disruptions in global supply chains.

Unfortunately, any economic recovery that begins without price stability is short-lived and narrows the investment horizons of our businesspeople. Therefore, we view price stability as a prerequisite for achieving the increased prosperity our country deserves. Achieving price stability will improve the investment climate in Turkey, increase predictability, and thus attract new, high-value-added technology investments to our country.

From this perspective, we are closely following the new economic reform agenda launched under the leadership of President Recep Tayyip Erdoğan and support the priority of combating inflation. We believe that a public-private sector consultation process, coordinated by the Ministry of Treasury and Finance and the Central Bank, will be extremely beneficial in combating inflation. This consultation process will contribute to the close monitoring of global and local price dynamics on a sectoral basis, ensuring that all prices are formed within free market conditions, and to the identification of structural risks, cost dynamics, and supply-demand imbalances across product groups. This will, in turn, support the data-driven policy design process. We believe that this consultation mechanism, which will be established to raise awareness in the business world about the importance of combating inflation and the positive contribution of price stability to medium- and long-term growth and employment prospects, will be extremely beneficial.

We recognize that all stakeholders must support the efforts of the Central Bank and relevant public institutions to succeed in combating inflation. We publicly declare our readiness to provide all our support to ensure Turkey rapidly achieves its deserved price stability target during the post-COVID-19 global recovery period.

Sincerely,

TOBB President M. Rifat Hisarcıklıoğlu

TESK President Bendevi Palandöken
MÜSİAD President Abdurrahman Kaan

TÜSİAD President Simone Kaslowski