Turkish Deputy Prime Minister Ali Babacan said Turkey would reduce its inflation rate to 5-6 percent due to the decline in oil prices in 2015.

"If the oil prices keep declining through this year, to see 5 percent inflation rate will not be a dream for us," Ali Babacan said Friday, speaking to The Anadolu Agency in the Swiss city of Davos where the annual World Economic Forum is currently held.

Babacan also said the oil price slump would also help Turkey reduce its current account deficit.

"The account deficit is also healing. We closed 2013 at 7.9 percent (in proportion to GDP), we will be closing 2014 at 5.6 percent. 2015 will be a better year than (2014) economically," he said.

Turkey's current account deficit has shrunk by 32 percent to reach $38.7 billion between January-November 2014, from $56.7 billion in the same period of the previous year.

While Turkey's inflation rate was 8.17 percent in December 2014, its growth rate is projected to be around 3 percent for 2014.