European recovery to mitigate Iraq impact on Turkish economy

The negative impact on the Turkish economy of developments in Iraq will be compensated for by recovery in Europe, Turkish Finance Minister Mehmet Simsek said on Tuesday.

Simsek said inflation peaked in May and that a downward trend in prices was set to continue, falling in line with the central bank's forecast for the end of the year.

Speaking at a press conference in Ankara, Simsek also said the current account deficit would continue to narrow.