The central bank has already hiked rates three times this year as the lira currency quickly depreciated on concerns over Erdogan’s economic policies. The lira has depreciated almost 19% against the U.S. dollar so far this year.

Yildirim said the new government will pursue structural reforms but pointed out that “production, employment and exports” should continue to support growth. Turkey’s fast 7.4% expansion last year has been aided by government stimulus and incentives, which many observes argue is not sustainable.

“We will also continue to make structural reforms. The public sector will keep making savings,” Yildirim added.

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