Turkish central bank doesn’t change rates as inflation soars
2 years, 9 months ago

Turkish central bank doesn’t change rates as inflation soars

Associated Press  

ISTANBUL — Turkey’s central bank kept interest rates unchanged for a third straight month Thursday as consumer prices surge at an eye-popping pace, coming after a series of rate cuts last year triggered a currency crisis that has made it difficult for people to buy basic goods. Other central banks around the world are moving to raise interest rates as inflation reaches the highest levels in decades, including the U.S. Federal Reserve and the Bank of England. Turkish President Recep Tayyip Erdogan is a self-proclaimed enemy of high interest rates and has pressured the central bank into lowering borrowing costs in his bid to boost growth. His economic and social changes and public works projects over the past two decades were aimed at realizing that goal, he said, pointing to Friday’s inauguration of a bridge over the Dardanelles Strait as “one of the most important symbols of our development leap.” “The fluctuations in the exchange rate, interest rates and inflation are the prices of the transition process we are going through,” Erdogan said.

Inflation Turkey Bank Interest Rates Interest Central Turkish Rate Rates Erdogan  soars  rates  central  doesnt  inflation  change  interest  high  currency  prices  bank  erdogan  rate  turkish

History of this topic

Turkey Inflation Likely Missed Central Bank Target For End-2024
2 weeks ago

Turkey Inflation Likely Missed Central Bank Target For End-2024

Live Mint  

-- Turkish inflation in December likely eased less than the central bank projected, just as policymakers have started to set the stage for a more accommodative stance in the new year. The monetary authority justified lowering borrowing costs — the first time since February 2023 — by citing preliminary data showing an improvement in services inflation and the underlying trend …

Turkey’s central bank lowers key interest rate to 47.5%
2 weeks, 6 days ago

Turkey’s central bank lowers key interest rate to 47.5%

Associated Press  

ANKARA, Turkey — Turkey’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation. Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%. Inflation in …

Turkey to Pivot Toward Interest-Rate Cut After One More Hold
1 month, 3 weeks ago

Turkey to Pivot Toward Interest-Rate Cut After One More Hold

Live Mint  

-- Turkey’s central bank will probably hold its main interest rate for an eighth straight month this week, though policymakers could indicate the start of an easing cycle as soon as December. But despite appearing to commit to high rates at the last policy meeting, Central Bank Governor Fatih Karahan adopted a different tone earlier this month, while revising up …

Inflation eases in May, but major relief on interest rates not coming soon
7 months ago

Inflation eases in May, but major relief on interest rates not coming soon

LA Times  

Federal Reserve Chair Jerome H. Powell and his colleagues at the central bank have kept interest rates at a more than 20-year high to fight inflation. The Federal Reserve has raised interest rates to the highest level in more than two decades to fight inflation, and on Wednesday policymakers said the fight wasn’t over. “But we don’t see ourselves as …

Europe Central Bank jumps ahead of the Fed in lowering rates. But future cuts may be limited
7 months, 1 week ago

Europe Central Bank jumps ahead of the Fed in lowering rates. But future cuts may be limited

Associated Press  

FRANKFURT, Germany — The European Central Bank cut its key interest rate Thursday by a quarter-point, moving ahead of the U.S. Federal Reserve as central banks around the world lean toward lowering borrowing costs — a shift with far-reaching consequences for home buyers, savers and investors. Speaking afterward at a news conference, ECB President Christine Lagarde said inflation had eased …

Fed keeps interest rates at 23-year high
8 months, 2 weeks ago

Fed keeps interest rates at 23-year high

NPR  

Fed keeps interest rates at 23-year high Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images The Federal Reserve voted to keep interest rates at a 23-year high on Wednesday, as the central bank tries to curb stubborn inflation. "Inflation has eased over the past year but remains elevated," the Fed's rate-setting committee said in a statement. Sponsor …

Turkish central bank raises key interest rate to 50% as inflation soars
9 months, 3 weeks ago

Turkish central bank raises key interest rate to 50% as inflation soars

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by 5 percentage points on Thursday, resuming a policy of rate hikes aimed at combating soaring inflation that is causing households severe economic pain. A series of rate cuts by the central bank spurred double-digit inflation and a currency crisis until Erdogan reversed course following his re-election in May …

Inflation is nearly back to 2%. So why isn’t the Federal Reserve ready to cut rates?
11 months, 1 week ago

Inflation is nearly back to 2%. So why isn’t the Federal Reserve ready to cut rates?

Associated Press  

WASHINGTON — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. “If interest rates can come down, I think we’re going to start selling more cars.” Kelleher is likely to get his wish by May or June, when most economists …

Turkey’s new central bank chief assures that work to combat inflation will press on
11 months, 1 week ago

Turkey’s new central bank chief assures that work to combat inflation will press on

Associated Press  

ANKARA, Turkey — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor’s surprise resignation. Speaking for the first time since taking the helm of the central bank on Saturday, Fatih …

Turkey's central bank hikes key interest rate again to 45% to battle inflation
11 months, 3 weeks ago

Turkey's central bank hikes key interest rate again to 45% to battle inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Turkey’s central bank raised its …

Turkey’s central bank hikes key interest rate again to 45% to battle inflation
11 months, 3 weeks ago

Turkey’s central bank hikes key interest rate again to 45% to battle inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by another 2.5 percentage points on Thursday, pressing ahead with a series of hikes aimed at combating inflation that reached nearly 65% in December. It’s the eighth interest rate hike since President Recep Tayyip Erdogan has abandoned his unconventional economic policies that economists say helped trigger a currency crisis …

Turkish central bank raises interest rate to 42.5% to combat high inflation
1 year ago

Turkish central bank raises interest rate to 42.5% to combat high inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank hiked its key interest rate by 2.5 percentage points on Thursday as part of its efforts to combat high inflation that has left many households struggling to afford rent and essential items. The bank’s Monetary Policy Committee raised its benchmark rate to 42.5%, delivering its seventh interest rate hike in a row to tame …

Turkey’s central bank hikes interest rates again as it tries to tame eye-watering inflation
1 year, 1 month ago

Turkey’s central bank hikes interest rates again as it tries to tame eye-watering inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. The bank pushed its policy rate up by 5 percentage points, to 40%, marking its sixth big interest rate hike in a row focused on beating down …

UK government meets pledge to halve inflation this year as rate falls to 2-year low of 4.6%
1 year, 2 months ago

UK government meets pledge to halve inflation this year as rate falls to 2-year low of 4.6%

Associated Press  

LONDON — Inflation in the U.K. dropped sharply in October to its lowest level in two years, largely because last year’s steep rise in domestic energy bills following Russia’s invasion of Ukraine dropped out of the annual comparison, official figures showed Wednesday. “After 13 years of economic failure under the Conservatives, working people are worse off with higher mortgage bills, …

Turkey’s central bank opts for another interest rate hike in efforts to curb inflation
1 year, 2 months ago

Turkey’s central bank opts for another interest rate hike in efforts to curb inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank hiked interest rates again on Thursday, pressing ahead with more conventional economic policies recently embraced by President Recep Tayyip Erdogan to fight inflation. The bank said its monetary policy committee “decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible.” It also announced more such moves …

Interest rates will stay high ‘as long as necessary,’ the European Central Bank’s leader says
1 year, 3 months ago

Interest rates will stay high ‘as long as necessary,’ the European Central Bank’s leader says

Associated Press  

FRANKFURT, Germany — The head of the European Central Bank said Monday that interest rates will stay high enough to restrict business activity for “as long as necessary” to beat back inflation. Christine Lagarde said rates would stay high because upward pressure on prices “remains strong” in the 20 countries that use the euro currency. “We remain determined to ensure …

Turkey’s central bank hikes interest rates again in further shift in economic policies
1 year, 3 months ago

Turkey’s central bank hikes interest rates again in further shift in economic policies

Associated Press  

ISTANBUL — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, and Hafize Gaye Erkan who …

The Federal Reserve holds interest rates steady but hints at more action this year
1 year, 3 months ago

The Federal Reserve holds interest rates steady but hints at more action this year

NPR  

The Federal Reserve holds interest rates steady but hints at more action this year Enlarge this image toggle caption Saul Loeb/AFP via Getty Images Saul Loeb/AFP via Getty Images The Federal Reserve left interest rates unchanged Wednesday, but signaled that it's open to an additional rate hike, if necessary, to combat stubborn inflation. Sponsor Message Economic projections released Wednesday show …

Europe’s central bank hikes key interest rate to record high even as recession threat grows
1 year, 4 months ago

Europe’s central bank hikes key interest rate to record high even as recession threat grows

Associated Press  

FRANKFURT, Germany — The European Central Bank hiked its key interest rate to a record high Thursday, pressing its fight against stubbornly high inflation that has been plaguing consumers — even as worries grow that higher borrowing costs could help push the economy into recession. The increase of a quarter-percentage point comes as central banks around the world, including the …

Long opposed to rate increases, Erdogan now backs plan that includes raising rates, minister says
1 year, 4 months ago

Long opposed to rate increases, Erdogan now backs plan that includes raising rates, minister says

Associated Press  

ANKARA, Turkey — Turkish President Recep Tayyip Erdogan, long a proponent of cutting interest rates, now supports his advisers’ economic plan that includes raising rates, a member of his economic team said Thursday. In a theory that runs contrary to traditional economic thinking, Erdogan has long pressured Turkey’s central bank governors to lower rates. “Whether it’s disinflation or the fiscal …

Turkey’s central bank unleashes a big interest rate hike in another sign of an economic shift
1 year, 4 months ago

Turkey’s central bank unleashes a big interest rate hike in another sign of an economic shift

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by an aggressive 7.5 percentage points on Thursday, a larger-than-expected boost that offers a new sign of a return to more traditional economic policies under President Recep Tayyip Erdogan. The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, …

Inflation slows more than expected, chance of an August RBA interest rate rise reduced
1 year, 5 months ago

Inflation slows more than expected, chance of an August RBA interest rate rise reduced

ABC  

Consumer prices rose 0.8 per cent over the three months to June, making a 6 per cent increase over the past year. Key points: Quarterly inflation slowed from 1.4pc in March to 0.8pc in June The annual rate of headline inflation is 6pc, down from 7.8pc in December Economists and financial traders now believe an RBA interest rate rise next …

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more
1 year, 5 months ago

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more

Associated Press  

ISTANBUL — Turkey’s central bank raised its key interest rate Thursday, another sign of commitment to a traditional path of battling inflation but still falling below expectations after critics blamed President Recep Tayyip Erdogan’s economic policies for inflaming a cost-of-living crisis. Central banks around the world have been hiking rates rapidly to battle spikes in consumer prices following the pandemic …

Top central bankers assert need for higher interest rates to tackle persistent inflation
1 year, 6 months ago

Top central bankers assert need for higher interest rates to tackle persistent inflation

Associated Press  

FRANKFURT, Germany — Leading global central bankers asserted Wednesday that they are not backing off their steep interest rate increases, pointing to inflation being more persistent than expected but still downplaying fears of recession from their hikes. “We have to be resolute and decided and determined in reaching the target that we have set.” Despite rapid rate increases, Powell said …

Europe’s interest rates to stay high as long as needed to defeat inflation, central bank chief says
1 year, 6 months ago

Europe’s interest rates to stay high as long as needed to defeat inflation, central bank chief says

Associated Press  

FRANKFURT, Germany — European Central Bank President Christine Lagarde warned Tuesday that inflation is holding its grip on the economy and underlined that the bank intends to raise rates high enough to “break this persistence.” Lagarde acknowledged that inflation has fallen from all-time highs last year as energy prices plunged and the bank rolled out a rapid series of rate …

Turkey’s central bank sharply raises interest rates. That could signal an economic turnaround
1 year, 6 months ago

Turkey’s central bank sharply raises interest rates. That could signal an economic turnaround

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered a large interest rate hike Thursday, signaling a shift toward more conventional economic policies to counter sky-high inflation following criticism that President Recep Tayyip Erdogan’s approach has made a cost-of-living crisis worse. Simsek said soon after his appointment that Turkey had no other option but to return to a “rational ground.” In another …

US Federal Reserve Keeps Interest Rate Unchanged after 10 Straight Hikes
1 year, 7 months ago

US Federal Reserve Keeps Interest Rate Unchanged after 10 Straight Hikes

News 18  

The Federal Reserve kept its key interest rate unchanged Wednesday after having raised it 10 straight times to combat high inflation. The Fed’s move to leave its benchmark rate at about 5.1%, its highest level in 16 years, suggests that it believes the much higher borrowing rates it’s engineered have made some progress in taming inflation. One reason why the …

Turkish leader says his economic views are same but he’ll accept finance minister’s approach
1 year, 7 months ago

Turkish leader says his economic views are same but he’ll accept finance minister’s approach

Associated Press  

ISTANBUL — Turkish President Recep Tayyip Erdogan said his economic policies have not changed but he suggested in comments published Wednesday that his finance minister will have leeway to move away from an unconventional approach that many have blamed for a worsening cost-of-living crisis. While the appointments signaled a shift in the longtime Turkish leader’s views on how to stimulate …

Erdogan’s new central bank chief signals hope for Turkey’s economic turnaround
1 year, 7 months ago

Erdogan’s new central bank chief signals hope for Turkey’s economic turnaround

Associated Press  

ANKARA, Turkey — Turkish President Recep Tayyip Erdogan appointed a former U.S.-based bank executive to head the central bank Friday, sending the strongest signal yet that the newly reelected leader might pivot from his unusual economic policies that many blame for worsening a cost-of-living crisis. The choices for two key financial roles have raised hopes that Erdogan, reelected last month …

Erdogan's new central bank chief signals hope for Turkey's economic turnaround
1 year, 7 months ago

Erdogan's new central bank chief signals hope for Turkey's economic turnaround

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Turkish President Recep Tayyip Erdogan …

Turkey's annual inflation rate dips under 40% for first time in 16 months
1 year, 7 months ago

Turkey's annual inflation rate dips under 40% for first time in 16 months

Firstpost  

Turkey’s annual inflation rate fell below 40 per cent in May for the first time in 16 months, thanks to a brief offer of free petrol to homes, according to official figures released on Monday. According to the country’s statistics office, consumer prices grew 39.6 per cent year on year and were nearly steady, at 0.04 per cent, compared to …

Turkey’s lira hits record low, stocks rise after Erdogan’s win
1 year, 7 months ago

Turkey’s lira hits record low, stocks rise after Erdogan’s win

Al Jazeera  

The Turkish leader won the presidency for a third time after a run-off vote on Sunday. The Turkish lira plunged to record lows after the re-election of President Recep Tayyip Erdogan, a sign that currency markets are not confident in the country’s economic future after the longtime leader’s victory. But Turkish stocks, on the other hand, rose as Erdogan entered …

Tayyip Erdogan's administration divided on economic plan as Turkey runoff presidential elections loom, say sources
1 year, 7 months ago

Tayyip Erdogan's administration divided on economic plan as Turkey runoff presidential elections loom, say sources

Firstpost  

With foreign reserves tumbling, some analysts say Turkey could face another economic crash as soon as this year that sends inflation soaring again and strains its balance of payments - unless the government changes course Tayyip Erdogan’s administration is divided and unsure about its future direction, according to insiders, days before Turkey’s runoff presidential election. With foreign reserves tumbling, some …

Fed’s Mester: Rate hikes have begun to quell US inflation
1 year, 11 months ago

Fed’s Mester: Rate hikes have begun to quell US inflation

Associated Press  

WASHINGTON — Growing evidence that high inflation is finally easing shows that the Federal Reserve’s sharp interest rate hikes are working as intended, says Loretta Mester, a key Fed policymaker. “We’re beginning to see the kind of actions that we need to see,” Mester, president of the Federal Reserve Bank of Cleveland, said in an interview with The Associated Press. …

Turkey’s December inflation slows to 64% in boost to Erdogan
2 years ago

Turkey’s December inflation slows to 64% in boost to Erdogan

Associated Press  

ANKARA, Turkey — Inflation in Turkey showed a sharp drop in December thanks mainly to technical reasons — which could help President Recep Tayyip Erdogan ‘s standing before an election, but is unlikely to bring relief to households suffering from a cost of living crisis. The Inflation Research Group — made up of independent academics and experts — said Tuesday …

Can US interest rate hikes curb high inflation in new year?
2 years ago

Can US interest rate hikes curb high inflation in new year?

China Daily  

People shop at a Target store during Black Friday sales in Chicago, Illinois, US, November 25, 2022. Faced with decades-high inflation, the US Federal Reserve has been aggressively raising the interest rate, which in turn is strengthening the dollar. To deal with the pandemic in the initial days, the Fed lowered interest rates for federal funds to 0-0.25 percent, and …

Turkish inflation eases for 1st time in more than a year
2 years, 1 month ago

Turkish inflation eases for 1st time in more than a year

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey slightly eased in November for the first time in more than a year, according to official figures released on Monday, although it remains close to 24-year highs. While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, economists believe that inflation in Turkey was additionally fueled by President Recep …

Turkish central bank cuts rates again despite high inflation
2 years, 1 month ago

Turkish central bank cuts rates again despite high inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered another outsized interest rate cut Thursday despite inflation running at more than 85% and other countries moving the opposite way to ease the pain of soaring prices. The central bank said its Monetary Policy Committee decided to lower the benchmark policy rate by 1.5 percentage points to 9%, following a series of similar …

Reserve Bank' admits higher interest rates WON'T bring down inflation
2 years, 2 months ago

Reserve Bank' admits higher interest rates WON'T bring down inflation

Daily Mail  

The Reserve Bank has admitted hiking interest rates aggressively doesn't necessarily bring down inflation quickly. Australia inflation grew by 7.3 per cent in the year to September at levels unseen since 1990 The Reserve Bank's statement on monetary policy released earlier this month forecast annual inflation remaining above its target until 2025, after falling to 3.25 per cent in December …

European Central Bank leader doubles down on rate increases
2 years, 2 months ago

European Central Bank leader doubles down on rate increases

Associated Press  

FRANKFURT, Germany — The head of the European Central Bank underlined the bank’s determination to fight rampant inflation with more interest rate increases on top of record hikes, saying Friday that “our job is far from being completed” and that even a mild recession would not be enough to bring rising prices back under control. ECB President Christine Lagarde said …

Yearly inflation in Turkey rises to new 24-year high of 85%
2 years, 2 months ago

Yearly inflation in Turkey rises to new 24-year high of 85%

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey continued to rise in October, official figures showed Thursday, pushing the price of essential goods higher and amplifying a cost-of-living crisis in the country. While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, economists believe that inflation in Turkey was fueled by President Recep Tayyip Erdogan’s belief that …

Turkish central bank makes huge rate cut amid 83% inflation
2 years, 2 months ago

Turkish central bank makes huge rate cut amid 83% inflation

Associated Press  

ISTANBUL — Turkey’s central bank has slashed interest rates for the third month in a row, making its biggest drop this year despite sky-high inflation that is squeezing people’s finances as it follows President Recep Tayyip Erdogan’s unorthodox economic views. “It is critically important that financial conditions remain supportive to preserve the growth momentum in industrial production and the positive …

Turkey's annual inflation hits new 24-year high at 83.45 %
2 years, 3 months ago

Turkey's annual inflation hits new 24-year high at 83.45 %

Firstpost  

Experts say inflation is much higher than official statistics, and the independent Inflation Research Group on Monday put the annual rate at an eye-watering 186.27 per cent Ankara: Turkey’s annual inflation reached a new 24-year high of 83.45 per cent in September, according to official data on Monday, pushing the cost of essential goods higher and further hitting households already …

Central banks worldwide tighten policies to cool inflation
2 years, 3 months ago

Central banks worldwide tighten policies to cool inflation

Associated Press  

The U.S. Federal Reserve has been the most aggressive in using interest rate hikes to cool inflation that is battering both households and businesses this year. Following are actions taken Thursday, and also earlier this week, by central banks globally: Turkey: The Central Bank of the Republic of Turkey lowered the benchmark rate by 1 percentage point, to 12%. United …

Turkey’s central bank makes big rate cut amid 80% inflation
2 years, 3 months ago

Turkey’s central bank makes big rate cut amid 80% inflation

Associated Press  

ISTANBUL — Turkey’s central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80%, moving the opposite way from world economies that are raising rates to control prices as the lira sunk to record lows. Turkey has followed President Recep Tayyip Erdogan’s unorthodox belief that high interest rates cause high inflation, cutting borrowing costs despite consumer prices …

Inflation is a global problem. Here’s how central banks are addressing it
2 years, 3 months ago

Inflation is a global problem. Here’s how central banks are addressing it

CNN  

New York CNN Business — Just like misery, inflation loves company. United States Federal Reserve Current annual consumer inflation rate: 8.3% Benchmark interest rate: 2.25-2.5% Last rate hike: 75 basis points in July Start of hiking cycle: March 2022 The Federal Reserve is the most important central bank in the world — the US dollar has been the world’s primary …

European Central Bank makes largest-ever interest rate hike
2 years, 4 months ago

European Central Bank makes largest-ever interest rate hike

Associated Press  

FRANKFURT, Germany — The European Central Bank made its largest-ever interest rate increase Thursday, following the U.S. Federal Reserve and other central banks in a global stampede of rapid rate hikes meant to snuff out the inflation that is squeezing consumers and pushing Europe toward recession. Bank President Christine Lagarde said the ECB would keep hiking rates “over the next …

Turkey lowers interest rate even as inflation soars to 80%
2 years, 4 months ago

Turkey lowers interest rate even as inflation soars to 80%

Associated Press  

ANKARA, Turkey — Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need, falling in line with the unorthodox economic views of the country’s president. President Recep Tayyip Erdogan has pressured the bank into lowering borrowing costs in a bid to boost economic …

Turkey’s inflation jumped to 24-year high of 79.6 percent in July
2 years, 5 months ago

Turkey’s inflation jumped to 24-year high of 79.6 percent in July

Al Jazeera  

Turkey’s inflation has been fuelled by the lira’s continued decline as well as the economic consequences of Russia’s invasion of Ukraine. Turkish inflation rose to a fresh 24-year high of 79.6 percent in July, data showed on Wednesday as the lira’s continued weakness and global energy and commodity costs pushed prices higher, though the price rises came out below forecasts. …

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired
2 years, 5 months ago

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired

ABC  

While much of the world anxiously waits to see if central banks will keep raising interest rates to combat a post-pandemic surge in inflation, Turkey is bucking the global trend. He has fired three central bank governors in four years for attempting to raise interest rates, and described anyone who draws a link between rates and inflation as "illiterates and …

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