Something happened to President Tayyip Erdoğan after he won the election. First, interest rates started to rise, which he said would not happen “as long as he is in charge”. Then he backtracked on his invention of the FX protected deposit scheme (KKM). His hopes of meeting US President Joe Biden at the G20 Summit
Turkish President Recep Tayyip Erdoğan has presented the awaited Medium Term Economic Programme (MTP) on September 6 in an event attended by the economy cadres of the ruling Justice and Development Party (AKP). Emphasised as Türkiye’s roadmap for 2024-2026 period, the MTP promises to increase the GDP to 1.3 trillion US dollars and per capita
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
After signing a series of tax hikes over the weekend, President Tayyip Erdoğan is traveling to the United Arab Emirates this week in search of investment and debt. On July 17-18, he will attend the G20 meetings in Gandhinagar, India, where he will be joined by Treasury and Finance Minister Mehmet Şimşek and Central Bank
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
Before the second round of presidential elections on May 28, President Tayyip Erdoğan told CNN International that if elected, he would continue to cut interest rates following his unorthodox belief that “high interest rates cause high inflation” and that “he had already started to see positive results.” We all wish for a better tomorrow and
As Türkiye is set to hold its critical election on May 14, the opposition “Nation Alliance” presidential candidate and main opposition CHP leader Kemal Kılıçdaroğlu held one of the most important rallies of his election campaign on May 6 in İstanbul, Maltepe along with the other five opposition leaders and the Ankara and İstanbul mayors