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Turkey unveils discounts, energy price freeze in effort to curb inflation

Turkey on Oct. 9 unveiled measures to tame the country's soaring inflation and restore investor confidence less than a month after the government slashed its growth forecasts.

Treasury and Finance Minister Berat Albayrak described the program as an "all-out war" on inflation, which climbed to 24.52% year over year in September.

Under the program, Albayrak said banks will give a 10% discount on high-interest loans made after Aug. 1, Anadolu Agency reported.

The ministry also announced a 10% voluntary discount on goods and services and a freeze on electricity and natural gas prices through the end of the year, the report said.

The lira has plunged more than 37% against the U.S. dollar this year, raising concerns about price stability and threatening investor confidence in emerging markets.

Last month, Albayrak cut Turkey's growth projections through 2019 and said inflation was forecast to decline to 6.0% by 2021.