The Central Bank of Republic of Türkiye (CBRT) which sold foreign currency from its reserves to prevent the US dollar from appreciating further against the Turkish lira (TL) before the March 31 elections, is now buying US dollars from the market to prevent the TL from appreciating too much against the dollar. According to Central
The March 31 local elections in Türkiye marked the most severe defeat for the incumbent AKP in its 20-year reign. This voter backlash was a belated response to a decade of policy missteps that severely disrupted economic stability, especially after September 2021. In the run-up to the general elections in May 2023, the government opened
The Turkish Central Bank’s (CBRT) Monetary Policy Committee (PPK) increased the policy rate by 500 base points from 45 percent to 50 percent at its March 21 meeting. In the statement made by the PPK, which convened under the chairmanship of Central Bank Governor Fatih Karahan, it was stated that it was decided to increase
The Turkish Central Bank Governor Hafize Gaye Erkan is under spotlight over claims about her father interfering with bureaucratic affairs in the bank. The governor denies rumours, stating she will “use her legal rights.” The Central Bank of the Turkish Republic (CBRT) governor Hafize Gaye Erkan’s father, Erol Erkan, made the headlines in Türkiye on
This article is one of the most challenging ones that I have written for a newspaper or any other media outlet. I will explain the reason at the end, but first, let me begin with the Central Bank of the Republic of Türkiye (CBRT) Monetary Policy Committee’s (MPC) latest decision. The MPC, raised the one-week
Perhaps Mr. Mehmet Şimşek, Turkish Minister of Treasury and Finance, will also need one “Sadık Abi.” “Abi” means elder brother in Turkish and is also a courtesy word for someone older than you whom you respect and like. Mr. “Sadık Abi” appears to be the janitor of the building where Central Bank of the Republic
The Monetary Policy Committee of the Central Bank of the Republic of Türkiye (CBRT) raised policy interest rate by 500 basis points to 35 percent. The Monetary Policy Committee, which convened under the leadership of CBRT Governor Hafize Erkan on October 26, decided to raise the policy rate, the one-week repo auction interest rate, from
Let’s be clear. It was already clear from Foreign Minister Hakan Fidan’s contacts with Ukraine and Russia that President Tayyip Erdoğan would not be able to convince his Russian counterpart Vladimir Putin to return to the grain deal at the Sochi meeting on September 4. Diplomatic sources considered it a miracle if the issue was
The Monetary Policy Committee of the Central Bank of Turkey (CBRT) raised the policy rate from 17.5 percent to 25 percent on August 24. “The Committee decided to continue the monetary tightening process to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior,” the
Türkiye may print 500 and 1000 Turkish Lira banknotes amid increasing inflation and currency crisis. This time last year, former Minister of Treasury and Finance, Nurettin Nebati was saying “there is no need for such measure,” when asked if there will be any banknotes with larger denomination. His ministry was obeying the instructions of President