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 Central Bank of the Turkish Republic (CBRT) lowered the policy rate from 14 percent to 13 percent amid surging inflation and currency crisis. The CBRT decided to lower the long been steady 14 percent policy interest rate to 13 percent after the Monetary Policy Board meeting on Aug. 18. “The Board evaluated that the
Turkish inflation keeps soaring as the latest data announced by the Turkish Statistical Institute (TÜİK) indicate a 79,6 percent annual rise in the Consumer Price Index and 144,6 percent rise in the Producer Price Index. The number is the highest inflation recorded in Türkiye in 24 years since 1998. According to TÜİK a change in
The cargo ship carrying 26 thousand tonnes of corn left Ukraine’s port of Odesa on Aug. 1 as the first shipment within the framework of the grain export deal signed under UN auspices and Türkiye’s guarantorship. Sierra Leone-flagged Razoni left the Black Sea Port at 9:48 AM local time, Ukraine’s ministry of infrastructure announced on
Do you know what would have happened if Russia’s Rosatom, the Akkuyu Nuclear Power Plant’s subsidiary, had not suddenly announced on July 29 that it had terminated the contract with the Turkish partner IC İçtaş for the construction of the plant? President Tayyip Erdoğan would return from Sochi, where he will meet with Russian President
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