The Turkish government on Tuesday launched a "full-scale" program to fight soaring inflation with the participation of the private sector, including retailers and banks. As the private sector's support for the fight against inflation is growing with more actors joining, Turkey's trustee fund also stated that companies under its management will take action.

Savings Deposit Insurance Fund (TMSF) Chairman Muhiddin Gülal said, "We will participate in the ‘All-Out Fight Against Inflation Program,' which was announced yesterday, in a very strong and effective manner, particularly with our actors and stakeholders operating in the retail and services sector that are managed by TMSF's trustees." Noting that there are 12 companies managed by TMSF's trustees, Gülal said the equity size of these companies is TL 19.9 billion ($3.28 billion), while their asset size stands at around TL 52.9 billion.

He added that 46,360 people are employed in these companies.

He cited that three brands in Aydınlı Group will take part in the program, namely Pierre Cardin, Cacharel and U.S. Polo, as well as Uğur Cooling operating in the white goods sector, Alfemo, one of the important actors in the furniture sector, and Aker.

The struggle against inflation program offers price discounts in the retail sector, including food and textiles, no increase in electricity and gas bills and lowering interest rates for bank loans.

While grocery chains and other retailers will provide 10 percent discounts on certain items until the end of the year, the banks will provide 10 percent reduction in loans. Moreover, there will be no raises on electricity and natural gas bills until the year's end.

In September, inflation hit 24.52 percent on a year-on-year basis, up 6.3 percent from the previous month, according to the Turkish Statistical Institute (TurkStat). Inflation climbed for a sixth straight month, hitting the highest level in almost 15 years.