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The residents of Istanbul are in despair: Inflation in the city is at 99.9%

Inflation in Turkey's biggest city, Istanbul, accelerated to 99.9% last month, according to the city's main business association. Annual price increases jumped from 91.1% in July, according to the Istanbul Chamber of Commerce (İTO) in its price...

The Turkish lira is ‘tumbling’ towards an absolute low

Another Monday has come, another week begins with losses for the Turkish lira on Monday, nearing a record low after the Federal Reserve said interest rates in the United States could rise for some time. Higher US...

The cash inflows allowed Erdogan to calm down over the summer

A windfall of foreign capital flowing into Turkey and increased interest in the government deposit scheme triggered by Christmas 2021 have brought a temporary relief to Turkish President Recep Tayyip Erdogan with less than a year...

Turkey: Interest rates suddenly cut despite record 80% inflation

Turkey's central bank surprised markets by cutting its key interest rate by 100 basis points, despite inflation running rampant in the country at close to 80%. In particular, Turkey's central bank's benchmark interest rate, which had been...

Smuggling and funds abroad: The inflow of money of ‘unknown origin’ in Turkey is at a record

Inflows of $17.5 billion from undisclosed sources covered more than half of Turkey's current account deficit in the first half of the year — and the figure could reach a record level in the coming months,...

HSBC: Turkish lira may hit 21 per dollar by June 2023

The Turkish lira could reach 21 per dollar by June next year, when the country is scheduled to hold presidential and parliamentary elections, British bank HSBC said. HSBC revised its estimate for the end of June 2022...