Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
Turkish lira depreciated at a record low level against the USD on November 11: hitting 9.91 liras against 1 dollar. After the Labor Department announced that US inflation rates hit 30 years high with 6.2, the currencies of emerging economies with high foreign debt depreciated against the USD.“The US inflation data boosted the dollar as
Is it possible that a central bank of a country with a current account deficit for years could make its country with a permanent current account surplus with any policies it would implement?The importance of this question is crystal clear since Şahap Kavcıoğlu, the Governor of the Central Bank (CBRT) claimed precisely the abovementioned issue
President Tayyip Erdoğan said in the Parliament on October 27 that the resources are available for the Green Development Action Plan that was announced following the ratification of the Paris Climate Agreement. He also said that 3 billion 157 mln USD (nearly $3.2 bln), for Turkey’s Green Action Plan will be provided by Green Climate
“Interest day: Will the Central Bank make a new mistake?” This was the title of my article (in Turkish), which was published just before the decision of the Monetary Policy Committee (MPC) meeting on October 21. “I hope the policy rate will not be lowered. In that case, it will not be favorable for the
Turkish Industry and Business Association TUSIAD were known for its political-social messages to governments in the past. It was not possible to separate the economy from the law, politics, and foreign policy. However, President Tayyip Erdoğan began to perceive these messages as a threat to his power even when he was the prime minister. After
As of the early morning of October 14, the dollar rate has exceeded 9.10 liras following recent dismissals and new appointments at the Turkish Central Bank (CBRT). There have been ongoing exciting discussions on the exchange rate, such as the argument that the CBRT’s one-point interest rate cut on September 23 has not affected the
President Recep Tayyip Erdoğan dismissed two deputies of the Governor of the Turkish Central Bank (CBRT) and a member of the Monetary Policy Committee (PPK) on October 14. It was made public with a Presidential Decree published in the Official Gazette after Erdoğan met with Central Bank Governor Şahap Kavcıoğlu in the evening hours, October
Different inflation values are flying around in Turkey. If you look at the consumer price index of the Turkish Statistical Institute (Turkstat), which should be of interest to the average citizen, annual inflation is 19.6 percent. Yet, a growing number of citizens think that inflation is much higher, mainly because of increasing prices. There is
The Monetary Policy Committee (MPC) of the Turkish Central Bank (CBRT) reduced the policy rate by one percentage point to 18% on September 23. The Central Bank estimates that inflation will be much lower by the end of this year and the end of next year. This estimation, at a first look, seems to justify
We hear a lot lately: ‘But the Turkish opposition does not have an economic program to solve the economic problems.’ Leave aside the political arguments and look at the issue within the framework of the following question: ‘What kind of economic program will solve Turkey’s problems?’ Do we need a magic program, magic formula, or