The front page of the Yeni Şafak newspaper on May 26 surprised those who saw it and was widely discussed in political and economic circles. The headline of Yeni Şafak (New Dawn in Turkish), one of the staunchest supporters of President Tayyip Erdoğan and the AKP government, read in large letters, “Interest rates up, foreign
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
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
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
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
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