According to Jinshi Data, Turkey raised the monthly minimum wage by 30% to 22,104 liras (627 U.S. dollars), in line with market expectations. Investors welcomed this and hoped that Turkey would take measures to curb high inflation.
Turkey’s Labor Minister Vedat Isikhan said the minimum wage would rise to 22,104 liras from 17,002 liras by 2025. Investors warned that an increase of more than 30 percent could affect the central bank’s inflation forecasts and the timing of rate cuts.
The minimum wage is seen as one of the key elements of Turkey's economic policy, with policymakers expecting price increases to slow to 21 percent by the end of next year from the current 47.1 percent.