Turkish economy: Timely reporting and analysis of economic developments in Turkey with all its structural problems, as one of world’s 20 biggest economies
Turkey’s main opposition Republican People’s Party (CHP) leader Kemal Kılıçdaroğlu announced that he would not pay his electricity bills, calling out President Tayyip Erdoğan to take back the gradual electricity price hikes that were taken into effect at the beginning of the year that raised protests all over Turkey. You may say that it is
As Turkey-wide protests to the rising energy prices continue, opposition Republican People’s Party (CHP) metropolitan mayors issued a joint call to the ruling Justice and Development Party (AKP) government asking for exclusive energy tariffs for the municipalities. Eleven CHP metropolitan mayors stated that the rising energy prices have become “unbearable” for the mayoralties to provide
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
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