Turkish lira moves to have little inflation impact

LONDON: The weakness of the Turkish lira, which has slipped more than 5 percent since the start of the year, will have only limited impact on inflation from now on, Turkey's economy minister Nihat Zeybekci said on Wednesday.

Asked whether the exchange rate would continue to have upward pressure on inflation, Zeybekci said: "A little bit, but the effect is finished. It's much better."

Turkish consumer prices rose more than 10 percent in February year-on-year, the first time in nearly five years they climbed into double digits.

Part of the rise in inflation has been driven by the depreciation of the lira, which weakened more than 1 percent against the dollar on Wednesday. Economic woes, security threats and a failed coup last summer have hammered the lira.

Zeybekci was speaking on the sidelines of a briefing at Chatham House.