Inflation in Turkey is expected to remain above 40% for most of 2022, according to a note from Goldman Sachs, which forecasts that the rate will exceed the recently announced 36% of last month. Annual inflation in the country accelerated to 36.1% in December, the Turkish Statistical Service announced on Monday, setting a new record, […]
Tag: Central Bank of Turkey
Bloomberg: Turkey’s central bank writes off $ 10 billion daily loss
Turkey’s central bank posted an extraordinary daily profit of about $ 10 billion on the last day of 2021, sparking questions about what caused this benefit that will end up in the country’s Ministry of Finance, Bloomberg reports. The monetary authority had forecast an annual loss of about 70 70 billion ($ 5.2 billion) on […]
Turkish Finance Minister announces slow decline in inflation until 2023
Turkish Economy and Finance Minister Nurettin Nebati said on Wednesday that the stability of the Turkish pound and government price controls would ensure a slow drop in inflation, which is expected to exceed 30% (officially) in December. At the same time, trying once again to convince investors and markets about the intentions of the Turkish […]
New losses for the pound: Concerns grow, enthusiasm for Erdogan’s announcements drops
The Turkish lira weakened by an additional 3% on Tuesday, extending the sharp losses seen a day earlier and eroding the huge gains made last week, as concerns over the country’s monetary policy further aggravated the climate in the financially shattered country. At 12:00 Greek time, the pound was 2.93% lower, at 11.8599 against the […]
Turkey: Lawsuits against former central bankers for manipulating the pound
The Banking Regulation and Supervision Agency, Turkey’s banking supervisor, has filed lawsuits against more than a dozen people, including two former central bank governors (TCMBs), for their comments on the pound and a senior government official said legal action. Among those charged are Durmus Yilmaz and Rustu Saratsoglu, former heads of the TCMB; The list, […]
Turkish Ministry of Foreign Affairs: We did not sell foreign currency, the recovery of the pound is due to the confidence in Erdogan
Turkish public banks did not sell dollars on the night of December 20, when Turkish President Recep Tayyip Erdogan announced a new economic model, which resulted in a recovery of up to 20% of the pound after the all-time low against the dollar. at 18.41, Finance Minister Nureddin Nebati said on Monday. They were people […]
Turkey: Supervisors have filed a lawsuit against a former central bank governor
Turkish BDDK banking authorities have filed a lawsuit against five people, including a former central bank governor, for allegedly violating banking regulations, state media and sources said. supervisory authorities. Sources said those named in the lawsuit were two opposition lawmakers – including a former central bank governor, Durmus Yilmaz of the Good Party -, two […]
New fall of 8% for Turkish lira – Concerns remain despite Erdogan plan
The Turkish lira fell nearly 8% against the dollar amid persistent investor concerns about Turkey’s monetary policy, which rose more than 50% last week after billions of dollars in market intervention. The pound also received support last week from the government’s move to cover foreign exchange losses on specific deposits. The pound fell to 11.6 […]
Historic week for the Turkish pound: What moves brought about the 45% recovery
The Turkish pound is on its way to the strongest week in the history of the currency, having gained 44% against the dollar, with the main levers being the simultaneous weakening of the greenback, the total support of the Central Bank of Turkey (TCMB), which spent several billion dollars this week to support the currency […]
How ‘Erdonomics’ plunged Turkey into chaos
Turkey’s economy is in crisis. Inflation is high and rising, economic growth is slowing, foreign exchange reserves have plummeted, many goods are in short supply or simply not available, and low- and middle-income households are becoming increasingly impoverished. With per capita GDP falling from $ 12,600 in 2013 to $ 8,500 in 2020, Turkey’s 85 […]
