Turkish President Recep Tayyip Erdoğan has signed a series of presidential decrees that raise the value-added tax (VAT) rate from 18 percent to 20 percent and increase public fees by 50 percent. The decrees, which took effect immediately on July 7 also raise the revenues from betting to 10-15 percent and the Banking and Insurance
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
President Tayyip Erdoğan’s re-election, in perhaps the most disadvantageous period of his rule since 2002, reveals the need to name “Erdoğanism” in Turkish politics, which has become a separate phenomena from the Justice and Development Party (AKP) he founded. Erdoğanism in numbers and beyond Erdoğan received 49.5 percent of the vote and the AKP 35.6
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 losing in the May presidential and legislative elections, Türkiye’s opposition is in turmoil both inner-party struggles and within the coalition it created prior to the elections. The six party opposition’s People Alliance’s partner İYİ Party’s first party congress after the elections held in Ankara on 24-25 June. The party’s leader Meral Akşener’s first speech
The second round of elections in Greece took place on Sunday, June 25, ending two months of the election marathon. The result was no surprise. As predicted, the New Democracy Party, led by Kyriakos Mitsotakis, won 40.3 percent of the votes and 158 parliamentary seats, giving it the majority to form a government on its
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