20:36 - 7.09.2026

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September 7, Fineko/abc.az. Turkish President Recep Tayyip Erdogan reaffirmed his government's commitment to fighting inflation and addressing structural economic challenges following a Cabinet meeting in Ankara. Emphasizing the importance of value-added production and export growth outline in the Medium-Term Program (OVP), Erdogan outlined measures to protect domestic welfare.

Key takeaways from the President's address:

• Global Oil Shocks & Inflation: Erdogan highlighted that rising global crude prices—driven by escalating maritime disruptions around the Strait of Hormuz—continue to exert inflationary pressure worldwide, including on Turkey's economy.

• Sectoral Priorities: The government will focus on boosting export capacity and strengthening agriculture, industry, high technology, and tourism.

• Major Urban Renewal Extension: The "Yarısı Bizden" (Half from Us) housing transformation program, designed to provide safe housing for 2 million citizens in Istanbul and originally set to expire at the end of this year, has been officially extended until December 31, 2027.