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 Turkish Lira (TRY) depreciated further against the US Dollar and reached the psychological limit of 18 liras, and closed the day at 17.92 just before the US Federal Reserve announced its interest rate decision on July 27. The last time the US Dollar TRY parity passed the 18 limit was on December 18 2021
The four-way meeting with Russia, Ukraine, UN and Türkiye delegations in a bid to resolve the grain crisis in the Black held in Istanbul Türkiye. The military delegations of the Ministry of Defense of Turkey, the Russian Federation and Ukraine and the United Nations delegation convened in Istanbul on July 13 in a one and
High inflation and increasing poverty have become our most significant economic issues. Consumer inflation in June is 78.6 percent, food inflation is 93 percent, and producer inflation is 138.3 percent. The 2022 inflation rate under President Recep Tayyip Erdoğan’s rule has exceeded the inflation rate of former Prime Minister Bülent Ecevit’s term in 2001, which
After a two-day delay, the Banking Regulation and Supervision Agency (BRSA) announced the rationale and the implementation methods for its Decision numbered 10250 (‘Decision’ from now on), taken on June 24 and caused great controversy; including about loans and rates. The statement made on June 26 sets out the reasoning for the Decision. Trying to
Turkish national carrier brand Turkish Airlines will be renamed Türkiye Havayolları, President Recep Tayyip Erdoğan announced, as the country’s bid to change its international name from Turkey to Türkiye was acknowledged by the United Nations and NATO. “No more Turkey, there is Türkiye. From now on we will inscribe Türkiye Hava Yolları (Airlines) on our
Turkey’s opposition block formed by the six opposition parties vowed to ensure independent monetary management in the event that they came to power in a new report announced on June 13. “The Institutional Reforms Commission” established by the six-party opposition block finished its first report which focused on the block’s reform propositions to be implemented
How to start writing this article? The Minister of Treasury and Finance said, “at a crossroads, we have chosen to grow with inflation. Otherwise, we could have taken very drastic measures to reduce inflation.” Alternatively, I would begin with this: “The dollar exchange rate, which had been 9.5 liras at the beginning of November 2021,
President Recep Tayyip Erdoğan summoned his top economy policy officials in a closed-door meeting at the presidency on May 31 amid announcements of new price hikes while high inflation keeps straining households. Erdoğan held an emergency meeting at the Presidency attended by Treasury and Finance Minister Nureddin Nebati, Central Bank of the Republic of Turkey
The deterioration continues in the current account. We saw a current account deficit of 18.1 billion dollars in the first quarter. This is the highest current account deficit since 2012: 2.2 percent as a ratio of the total GDP of the last four quarters. There is a higher current account deficit to GDP ratio (2.6