On August 3, Turkish Statistical Institute (TurkStat) announced a consumer price index increase of 9.5 percent for July, which is a one-month increase. Unfortunately, the annual consumer inflation is 47.8 percent. Moreover, regarding what has been happening in Türkiye since 2021, there is nothing strange about the 9.5 percent monthly uprise in the consumer price
The Turkish Statistical Institute (TurkStat) on July 5 announced a further deceleration in the skyrocketing inflation hike in the country to 38 percent as the Consumer Price Index (CPI) increased 3 percent in June. TurkStat announced on July 5 that the CPI rate increased by 3,92 percent in June and that the annual CPI was
The business world, even those provide a life-long support to Recep Tayyip Erdoğan though crushed by the surging inflation pinned their hopes on Türkiye’s new appointees, Treasury and Finance Minister Mehmet Şimşek and CBRT Governor Hafize Gaye Erkan, as the saviour of country’s economy from its deep-running issues. The reason for this hope was the
After 27 months of stagnant rates, the Monetary Policy Committee of the Turkish Central Bank (CBRT) finally announced on June 22 that the policy rate would be increased to 15 percent, answering the rising expectations and anxious waiting. Is the “Nass” era over, one asks as the word was used by Turkish President Recep Tayyip
The Central Bank of the Republic of Turkey (CBRT) raised the policy rate to 15 percent on June 22 after almost two years of low-interest rate policies The the Monetary Policy Committee (MPC) which held its first meeting under the chairmanship of Central Bank Governor Hafize Gaye Erkan, switched to a monetary tightening policy by
Turkish President Recep Tayyip Erdoğan said that the appointment of Mehmet Şimşek as Treasury Minister should not be contemplated as a change in his cabinet’s economic policies as the former minister’s re-appointment to the post raised the expectations of a shift in low interest rate policy of Erdoğan. However he added that they “accept the
With her exceptional education, extensive experience, and youthful dynamism, Hafize Gaye Erkan sparked enthusiasm at home as well as abroad by assuming crucial position in economic management as the new governor of the Central Bank (CBRT). However, she has come to this position at a crucial time when the Turkish economy is so fragile with
The dollar exchange rate has been relatively calm for about four months (Figure 1). It comes to mind to question the reasons for the calmness and how long it will last. Calmness is, of course, a relative concept. Since the beginning of August, the currency basket (basket exchange rate), which consists of half a dollar
The Central Bank of the Turkish Republic’s (CBRT) “fight against inflation cannot be considered very successful,” the CBRT governor Şahap Kavcıoğlu said on October 27, as the bank raised its inflation forecast by 4,8 percentage points. “We cannot consider (fight against inflation) very successful,” Kavcıoğlu said upon a question from a reporter on October 27,
The Central Bank of the Turkish Republic (CBRT) lowered the policy rate further 100 basis points from 13 percent to 12 percent on Sep. 22 amid surging inflation and currency crisis. “The Committee has decided to reduce the policy rate by 100 basis points, and has assessed that the updated level of the policy rate