Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
I complain about the directors of the Central Bank of the Republic of Turkey (CBRT) because the Governor of the CBRT and the members of the Monetary Policy Committee flagrantly violated their duty to adhere that the “primary objective of the Bank shall be to achieve and maintain price stability.” imposed by Central Bank Law
Turkey entered the year 2022 with an unprecedented rain of hikes. We started to discuss inflation, price hikes, the rising cost of living, and poverty. Still, there is one more thing to add to these discussions: energy poverty! This term has been one of Turkey’s issues for over a decade and stands before us as
Turkey is going through unprecedented days. At the beginning of December, while the exchange rate increased without any apparent barrier, the government raised the minimum wage by 50 percent. According to the Turkish Statistical Institute (TÜİK), the annual increase in the consumer price index (CPI) was only 21 percent, and opposition parties were demanding an
It is routine to write the highest/lowest such and such indicator of such and such year. No surprise and I will start by explaining the inflation rates announced on January 3 with a few boring figures. The currently used consumer price index has been published since 2003. The highest monthly inflation in this entire period
Turkey’s annual inflation has soared to its highest since the ruling Justice and Development Party (AKP) came to power in 2002, as Turkish Statistical Institute (TÜİK) data shows a 13.58 percent increase in Consumer Price Index (CPI) in December and calculated the annual inflation rate as 36.08 percent. According to official statistical institute data, the
In his New Year’s message published at 10:00 am on December 31 2021, President Tayyip Erdogan said: “We will continue our fight against the plots of excessive price that emerged after the increase in global commodity prices well as the unbalanced rise of the exchange rate. We are determined to reach our goals by placing
Turkey’s banking watchdog, Banking Regulation and Supervision Agency (BRSA) filed a criminal complaint about social media users, including opposition MPs and economists, after Treasury and Finance Minister Nureddin Nebati alleged that the fall of the Turkish Lira was a result of “speculations.” “I would expect the BRSA to act quickly. Lawsuits on the ground of
Turkish Ministry of Treasury and Finance Minister Nureddin Nebati detailed the fiscal moves announced by President Tayyip Erdoğan on December 20, which aimed to take recent fluctuations of the Turkish Lira under control with a new system. The positive side of the new system is as follows: The announced decisions have prevented the out-of-control increases
The ruling Justice and Development Party’s (AKP) insistence on keeping interest rates low, despite high inflation and depreciation in TL, and its introduction of risky financial instruments such as “foreign-currency protected TL deposits” simply to avoid interest rates raises curiosity among observers of Turkish politics. Students of Turkish politics seek answers to why the ruling
Turkey’s President Tayyip Erdoğan unveiled new fiscal policy tools to be implemented to overcome the recent currency crisis and further boost export-led economic growth, emphasizing that “Turkey will not drift apart from the free-market economy.” “Turkey has neither the intention nor the need to take the slightest step back from the free market economy and