Turkey lowers taxes on basic foods to fight high inflation
2 years, 11 months ago

Turkey lowers taxes on basic foods to fight high inflation

Associated Press  

ISTANBUL — Turkey’s president announced a significant reduction in taxes on basic food supplies Saturday as the country faces rampant inflation and numerous protests over eroding living standards. The currency has been hovering around 13.5 since that record low after the government instituted a new financial tool to push savers away from buying foreign currencies and encourage them to convert their dollars to Turkish liras with a deposit scheme protected against currency fluctuations. Turkey’s minister of treasury and finance, Nureddin Nebati, said Saturday that electricity and natural gas prices, which have been on the rise globally, remained below real prices in Turkey thanks to government subsidies. He asked critics to “be more just.” Strikes are also taking place in Turkey as inflation erodes the value of workers’ paychecks.

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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 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 …

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 …

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 …

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 …

Rising food costs take a bite out of Thanksgiving dinner
2 years, 1 month ago

Rising food costs take a bite out of Thanksgiving dinner

Associated Press  

In early November, Hays Culbreth’s mother sent a poll to a few family members. Jordan predicts the wholesale price of a frozen, 8-16 pound turkey hen — the type typically purchased for Thanksgiving — will hit $1.77 per pound in November, up 28% from the same month last year. Egg prices would have been higher even without the flu, Anderson …

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 …

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 …

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 …

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 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 …

Data puts Turkey’s annual inflation at 78.6%, a 24-year high
2 years, 6 months ago

Data puts Turkey’s annual inflation at 78.6%, a 24-year high

Associated Press  

ISTANBUL — Annual inflation in Turkey hit 78.62% in June, the highest rate since 1998, according to official data released Monday. While many countries are seeing rising consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies. The Turkish leader insists that high borrowing costs cause inflation — a position that contradicts established economic thinking — and …

Data puts Turkey’s annual inflation at 73.5%, a 24-year high
2 years, 7 months ago

Data puts Turkey’s annual inflation at 73.5%, a 24-year high

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey hit 73.5% in May, the highest rate since 1998, according to official data released Friday as a cost-of-living crisis in the country deepens. While many countries are seeing rising consumer prices, critics blame Turkey’s problems on President Recep Tayyip Erdogan’s economic policies. The Turkish leader insists that high borrowing costs cause inflation - …

Inflation in Turkey soars to eye-popping near 70% in April
2 years, 8 months ago

Inflation in Turkey soars to eye-popping near 70% in April

Associated Press  

ANKARA, Turkey — Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households. The Turkish Statistical Institute said consumer prices rose by 69.97% in April compared with the previous year, the biggest year-over-year increase since 2002. But in Turkey, …

Turkey’s inflation hits 61% climbing to new 20-year high
2 years, 9 months ago

Turkey’s inflation hits 61% climbing to new 20-year high

Associated Press  

ISTANBUL — Yearly inflation in Turkey hit 61.14% on Monday, climbing to a new 20-year high and deepening a cost of living crisis for many households. The Turkish Statistical Institute said consumer prices rose by 5.46% in March compared with the previous month. Turkey’s runaway inflation also follows a series of interest rate cuts late last year, in line with …

Turkey’s inflation hits 54%, deepening cost-of-living woes
2 years, 10 months ago

Turkey’s inflation hits 54%, deepening cost-of-living woes

Associated Press  

ANKARA, Turkey — Turkey’s annual inflation rate further accelerated in February, official data showed Thursday, marking the biggest jump since 2002 and deepening the squeeze on households that are already struggling to purchase basic goods. In comparison, annual inflation increased by a record 5.8% in the 19 countries that use the euro currency in February and by 7.5% in the …

‘A fire in their kitchen’: In Turkey, dreams are shattered by economic realities
3 years ago

‘A fire in their kitchen’: In Turkey, dreams are shattered by economic realities

The Independent  

It was just a few years ago, before Turkey’s economy began to spin out of control, when times were pretty good for Mevlut Tekin, his wife Yasemin and their children. “Now we’ve even had to reduce the amount of food we eat.” Turkey’s economy has been under tremendous strain, with the value of the lira dropping dramatically over the past …

Just how bad is inflation in Turkey? It depends on who you ask
3 years ago

Just how bad is inflation in Turkey? It depends on who you ask

Al Jazeera  

Government figures say annual inflation topped 36 percent last month, but some think that number is far short of the mark. The government agency tasked with tracking inflation – the Turkish Statistical Institute – said this week that the consumer price index, or CPI, which measures changes in the prices of a basket of commonly purchased goods and services, soared …

Turkey’s Erdogan announces moves to encourage lira savings
3 years ago

Turkey’s Erdogan announces moves to encourage lira savings

Associated Press  

ANKARA, Turkey — Turkish President Recep Tayyip Erdogan on Monday announced a series of measures to encourage lira-denominated savings, easing the pressure on the beleaguered Turkish currency. In a televised speech following a Cabinet meeting, Erdogan said the government would offer a new financial vehicle that would “alleviate” the concerns of citizens who have been buying foreign currency, fearing that …

Turkey raises minimum wage as lira crash, inflation sow hardship
3 years, 1 month ago

Turkey raises minimum wage as lira crash, inflation sow hardship

Al Jazeera  

Turkey is raising its minimum wage by 50 percent starting next year, as households throughout the country struggle with soaring inflation and a crashing lira. “According to ENAG inflation is about 60 percent, so this increase in minimum wage approximately meets the inflation,” Harun Ozturkler, professor of econometrics at Kırıkkale University told Al Jazeera. The lira plunged to a fresh …

Turkey again cuts interest rates, currency hits new low
3 years, 1 month ago

Turkey again cuts interest rates, currency hits new low

Associated Press  

ANKARA, Turkey — Turkey’s Central Bank cut interest rates again Thursday, a day after President Recep Tayyip Erdogan spoke out against high borrowing rates and raising increasing concerns about the impact of soaring consumer prices on families and businesses. The rate cuts have increased concerns over the bank’s independence from Erdogan, who, contrary to traditional economic theory, argues that steep …

‘We don’t deserve this': Inflation hits Turkish people hard
3 years, 1 month ago

‘We don’t deserve this': Inflation hits Turkish people hard

Associated Press  

ISTANBUL — Market-stand owner Kadriye Dogru makes do with stale, sesame-covered bagels, known as simit, for lunch these days. While rising consumer prices are affecting countries worldwide as they bounce back from the coronavirus pandemic, economists say Turkey’s eye-popping inflation has been exacerbated by economic mismanagement, concerns over the country’s financial reserves and President Recep Tayyip Erdogan’s push to cut …

Turkey increases tariffs on some US goods, escalating feud
6 years, 5 months ago

Turkey increases tariffs on some US goods, escalating feud

Associated Press  

ANKARA, Turkey — Turkey said Wednesday it is increasing tariffs on some U.S. products like cars, alcohol, and coal — a move that is unlikely to have much economic impact but highlights the deteriorating relations with the U.S. in a feud that has already helped trigger a currency crisis. The tariffs also come a day after President Recep Tayyip Erdogan …

Turkey Counterpunches By Raising Tariffs On U.S. Goods
6 years, 5 months ago

Turkey Counterpunches By Raising Tariffs On U.S. Goods

NPR  

Turkey Counterpunches By Raising Tariffs On U.S. Goods Enlarge this image toggle caption Burhan Ozbilici/AP Burhan Ozbilici/AP Just days after President Trump tweeted his decision to double tariffs on Turkish steel and aluminum, Turkey has announced that it, too, is ratcheting up retaliatory tariffs. The order published in Turkey's official gazette and signed by its strongman president, Recep Tayyip Erdogan, …

Turkey doubles tariffs on some US goods amid rising tensions
6 years, 5 months ago

Turkey doubles tariffs on some US goods amid rising tensions

Al Jazeera  

Cars, tobacco, and alcohol hit with new tariffs in response to what vice president calls ‘US attacks’ on the economy. Turkey doubled tariffs on some imports from the United States – such as passenger cars, alcohol and tobacco – in what it said was retaliation for “deliberate attacks” on its economy. A decree published in Turkey’s official gazette and signed …

Turkey’s president: US waging “economic war” against Turkey
6 years, 5 months ago

Turkey’s president: US waging “economic war” against Turkey

Associated Press  

ISTANBUL — Turkey’s president on Saturday blamed the country’s economic downturn on the United States and other nations that he claims are waging “war” against his country. Speaking in the northeastern province of Rize, President Recep Tayyip Erdogan said that dollars, euros and gold were now “the bullets, cannonballs and missiles of the economic war being waged against our country.” …

Turkish president accuses U.S. of waging ‘economic war’ against his nation
6 years, 5 months ago

Turkish president accuses U.S. of waging ‘economic war’ against his nation

LA Times  

Turkey’s president on Saturday blamed the country’s economic downturn on the United States and other nations that he claims are waging “war” against his country. Speaking in the northeastern province of Rize, President Recep Tayyip Erdogan said that dollars, euros and gold were now “the bullets, cannonballs and missiles of the economic war being waged against our country.” Erdogan promised …

Erdogan says Turkey economy under attack as Trump doubles tariffs
6 years, 5 months ago

Erdogan says Turkey economy under attack as Trump doubles tariffs

Al Jazeera  

After Turkish president urges people to support currency, US counterpart adds pressure with doubling of metals’ tariffs. Trump’s announcement on Friday came hours after Turkish President Recep Tayyip Erdogan lashed out against a shadowy international “interest rate lobby” which, he suggested, was “campaigning” to harm Turkey’s economy, after the lira fell more than 14 percent overnight. “Turkey expects other member …

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