Turkey's Treasury and Finance Minister Berat Albayrak on Tuesday urged Turkish firms to cut prices by at least 10 percent to mitigate the rising inflation.

Speaking at a meeting in Istanbul, Albayrak rolled out a series of new measures to fight inflation, saying the new program would be aggressive and full-scale to curb the rise in inflation significantly.

Under the program, the government would support the businesses to prevent layoffs, Albayrak said.

"Our banks will give a 10 percent discount to high-interest loans given after Aug. 1," the minister said, noting there would be no increase in electricity and natural gas prices until the end of this year.

"This program for an all-out war with inflation will further boost investor confidence," said Albayrak.

Turkey's inflation soared to a 15-year high of almost 25 percent in September, amid a currency crisis as the Turkish lira has declined around 40 percent this year.