In a Twitter post, Simsek outlined the three key components of the new economic team's program: restoring fiscal discipline, gradual monetary tightening, and structural reforms.

Simsek said that the program would focus on reducing the budget deficit, implementing gradual monetary tightening, and introducing structural reforms to solidify macroeconomic and financial stability.

The minister's comments come after official figures released on Wednesday revealed that Türkiye's annual inflation had decreased to an 18-month low of 38.21% in June.

The Turkish Central Bank raised its policy rate by 650 basis points in June, marking the first increase in 27 months. The one-week repo rate was raised from 8.5% to 15%.

It remains to be seen whether the new economic team's program will be successful in bringing down inflation. However, Simsek's comments suggest that the government is committed to taking tough measures to control prices. (ILKHA)