Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
According to Turkish Statistical Institute (TÜİK) data, the Consumer Price Index (CPI) increased by 48.69 percent annually and 11.10 percent monthly in Turkey. Intependent groups on the other hand calculated the annual inflation increase as 114 percent annually. TÜİK announced on February 3 that in January 2022, the CPI soared 11,10 percent compared to the
Koç Holding Board of Directors Chair Ömer Koç announced his recipe for recovering the economy as “reducing country risk by implementing serious reforms, as was done in the first ten years of the 2000s.” In other words, he says, the way to recover the economy is through structural and fundamental reforms. These words of Koç
After Iran announced on Jan. 20 that it reduces the gas exports to Turkey, Turkish Energy Transmission Company (TEİAŞ) announced to cut electricity to all Organized Industrial Zone’s (OSB) for 72 days. The cuts started today. The restriction will be effective in all OSB’s where the manufacturers will only be allowed to use electricity for
Mohammed Hassan al-Suwaidi, chief executive of ADQ, an Abu Dhabi state investment vehicle, told the Financial Times that the lira’s weakness could provide opportunities, saying it was a “great time” to buy if you take “a long-term view”. The fund is on hunt for investments, from financial institutions to logistics and food, Financial Times wrote.
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