Turkish finmin says inflation to be high in Q1

ANKARA (A.A) - Turkish Finance Minister Mehmet Simsek has said that inflation figure would be still high in the first quarter of 2012. Speaking to AA correspondent regarding 2012 targets, Simsek said that inflation rate would drop to a level parallel to targets set by the Central Bank as of the second half especially in the last quarter. Simsek said that a slowdown took place in rate of increase of current account deficit as of the last quarter of 2011, stating that current deficit would start to drop as of the first quarter of 2012. "Because there is a slowdown in credit volume. Therefore, there is a slowdown in domestic demand. A remarkable recovery has taken place in currency rate," he said. "There will be a slowdown in economic growth, but 4 percent of growth in Turkey should not be underestimated. Turkey has a high growth potential," he said. Simsek said some European countries were still suffering from recession. (Reporting by Guliz Demircan Yucel)