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
The chaos in the Middle East prevails as the İsrael-Palestinian conflict has merged into a war once again after Hamas attacked Israel on October 7. Unfortunately, the bombardments and clashes last in its second week with a rising humanitarian cost. This environment, if prolonged, will have negative effects on Türkiye, which had been on the
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