Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
The Minimum Wage Determination Commission has been working to determine the minimum wage effective in 2022. The current gross and net minimum wages for those over sixteen are 3,577.5 and 2825.9 liras, respectively. [The net amount mounted $383 in January 2021 and is $218 in December 2021 due to the depreciation of the Turkish lira.]
“Dressing the wound” is a term which Necmettin Erbakan, the founder of the National Outlook Movement that the ruling Justice and Development Party (AKP) and President Tayyip Erdoğan have emerged from, used in the 1970s. He used the term to describe superficial economic or political measures which aim to save the day rather than ensure
The proposal that “if interest rates fall, inflation will decrease” is not misleading; however, it depends on some conditions and the kind of ‘interest rate.’ An economy providing necessary conditions implies that it moves on a healthy path. What are these conditions? And which interest rate, as well as whose interest rate are we talking
After the rapid depreciation of the Turkish Lira, the opposition parties held urgent meetings repeated their call for a common economy plan and early elections. There were minor marches in big cities of Turkey like İstanbul, Ankara, İzmir and Kocaeli where people asked government to resign. The marches faced police barriers and intervention as Istanbul’s
Turkey’s economic and foreign policy problems are increasing by the lack of trust in the government of President Tayyip Erdoğan. There are a few examples that immediately come to mind. First, Turkey’s Business and Industrialists Association TÜSİAD President Simone Kaslowski met with economic and political circles in the USA last week and talked about Turkey.
Turkish Industry and Business Association (TÜSİAD) President Simone Kaslowski called for dialogue and a sincere and solution-oriented approach to tackle problems that stemmed from “mutual distrust in Turkish-American relations.” “Tackling the problems in Turkish-American relations is extremely important for the national interests of both countries. There is a need to restore relationships by a long-term
President Recep Tayyip Erdoğan reiterated his long stance against interest rates on Nov. 17. The following day, Central Bank Monetary Policy Board lowered the interest rate 100 basis points to 15. Turkish Lira further depreciated against foreign currencies like US Dollar and Euro, as 1 Dollar is worth 11,5 TL, while 1 Euro is 12,5
The other day I visited my old father, who had had a surgical operation on a bone fracture a while ago and stopped listening to the news bulletins since then. He says his indifference towards the news reports is temporary when asked. Out of the blue, “What is the value of the dollar recently?” asked.
It is possible to say that main opposition Republican People’s Party (CHP) leader Kemal Kılıçdaroğlu aimed to kill three birds with one stone, not two, with his visit to The Union of Chambers and Commodity Exchanges of Turkey (TOBB) President Rifat Hisarcıklıoğlu on November 15. First of all, it is an effort to express that