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 Wagner uprising did not topple Russian President Vladimir Putin, but it shook his seat, reduced his power, and, if not all, shook his charisma. Putin’s claim that he now has full domestic support in the face of NATO pressure over the Ukraine war will no longer be as convincing as before. Among those breathing
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
People in the corridors of the Parliament are still asking why President Tayyip Erdoğan, contrary to widespread speculation, did not include former Interior Minister Süleyman Soylu and former Minister of National Defense Hulusi Akar in the new cabinet, in other words, in the new A-Team he formed after the May 28 victory. Let’s leave aside
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
With the noticeable move to loosen government controls on foreign currency, combined with some uncertainty, the Turkish lira tumbled to record lows against the dollar, and one dollar skyrocketed to 23.22 on the evening of June 7. However, the rate had been just under 20 liras on the last working day before the election, while
On June 3, President Recep Tayyip Erdoğan first took the oath of office at the Turkish Grand National Assembly and began his third term as president after winning the elections on the second round on May 28. Then he laid flowers at the mausoleum of Mustafa Kemal Atatürk at Anıtkabir in the rain, and later,
With a victory on May 28 presidential run-off elections, President Erdoğan was re-elected as the president and won the right to form his cabinet to rule the executive branch in the following 5 years. On the morning of May 31, the value of the Turkish lira fell to an unprecedented low against the US dollar.