Why Turkey’s currency is plunging and what it means
6 years, 5 months ago

Why Turkey’s currency is plunging and what it means

Associated Press  

ISTANBUL — Turkey’s currency and stock market kept on falling Monday, weighed down by investor fears about the country’s economic policies and worsening relations with the United States. A: One reason is that cheap borrowing rates in major economies like the U.S. are rising, attracting investors’ money away from emerging economies like Turkey. The U.S. was Turkey’s biggest export market for steel last year, though exports have fallen since. Outside those five banks, he said, European exposure is “minimal.” Trouble in Turkey could make investors reassess their holdings in other emerging markets.

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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 …

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 …

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 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, …

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 …

Why Turkey’s currency is crashing after Erdogan got reelected
1 year, 7 months ago

Why Turkey’s currency is crashing after Erdogan got reelected

Associated Press  

ANKARA, Turkey — Turkish President Recep Tayyip Erdogan won reelection last month despite a battered economy and a cost-of-living crisis that experts say are exacerbated by his unconventional economic policies. But lingering uncertainty over Erdogan’s economic direction and an apparent move to loosen government controls of foreign currency exchanges have led Turkey’s currency to plunge to record lows against the …

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 …

Earthquake sends tremors through Turkey's fragile economy
1 year, 10 months ago

Earthquake sends tremors through Turkey's fragile economy

Firstpost  

Now, Turkey must pour billions of dollars into rebuilding 11 south-eastern provinces flattened by the 6 February tremor, the worst disaster of its post-Ottoman history Istanbul: Turkey was already battling runaway inflation and relying on rich allies for funding to keep its economy afloat when a massive earthquake killed tens of thousands, razed entire cities and left millions needing urgent …

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 …

Home prices, rents skyrocket in Turkey amid economic turmoil
2 years, 1 month ago

Home prices, rents skyrocket in Turkey amid economic turmoil

Associated Press  

ISTANBUL — Hatice Erdal has been given a week to vacate her rental house that is due to be knocked down. While increasing construction costs and inflation have pushed up housing prices globally, Turkey’s property crisis has been exacerbated by President Recep Tayyip Erdogan’s unorthodox policy of lowering interest rates despite high inflation — the opposite of traditional economic thinking. …

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 …

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 …

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 rate soars to almost 70 percent
2 years, 8 months ago

Turkey’s inflation rate soars to almost 70 percent

Al Jazeera  

The consumer price index has risen by 69.97 percent year-on-year in April compared with 61.14 percent in March. Turkey’s official inflation rate has spiralled to nearly 70 percent in April, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil. The consumer price index rose by 69.97 percent year-on-year in …

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 …

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 …

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 …

Turkey keeps interest rates unchanged despite surging inflation
2 years, 10 months ago

Turkey keeps interest rates unchanged despite surging inflation

Al Jazeera  

Turkey’s central bank held its benchmark interest rate steady for a second month running, even as inflation threatens Erdogan’s grip on power. Turkey’s central bank kept its benchmark interest rate unchanged for a second month on Thursday, as President Recep Tayyip Erdogan’s government struggles to contain price surges that could threaten his two-decade rule. Just ahead of Thursday’s decision, Erdogan …

Turkey’s central bank ends string of interest rate cuts
2 years, 11 months ago

Turkey’s central bank ends string of interest rate cuts

Associated Press  

ANKARA, Turkey — Turkey’s central bank kept a key interest rate unchanged on Thursday, halting a string of rate cuts that triggered a currency crisis and sent consumer prices skyrocketing. The bank’s Monetary Policy Committee said it decided to keep its policy rate “constant” at 14%, putting on hold a rate-cutting policy that has reduced borrowing costs by 5 percentage …

Turkey’s central bank hits pause, leaves interest rates unchanged
2 years, 11 months ago

Turkey’s central bank hits pause, leaves interest rates unchanged

Al Jazeera  

Turkey’s central bank voted to hit pause on an easing cycle that started in September and saw the lira crash. Turkey’s central bank has ended its latest policy-setting meeting by keeping interest rates unchanged, halting a cycle of cuts initiated last September that economists warned was plunging the country into a deep economic crisis and eroding confidence in the bank’s …

EXPLAINER: Are Turkey’s efforts to fix the economy working?
2 years, 11 months ago

EXPLAINER: Are Turkey’s efforts to fix the economy working?

Associated Press  

ANKARA, Turkey — Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates. President Recep Tayyip Erdogan’s insistence on cutting rates — the opposite of what economists say to do to curb soaring inflation — has weakened …

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 …

Turkish inflation surges to highest level since 2002
3 years ago

Turkish inflation surges to highest level since 2002

Al Jazeera  

The annual consumer inflation rate rose to 36.08 percent last month and food and energy prices soared. The annual consumer inflation rate rose to 36.08% last month, the highest since September 2002 and up sharply from 21.31% in November. The decision to slash five percentage points off the central bank’s benchmark rate led to an around 44% slide in the …

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’s lira sinks to new low, prompting bank to intervene
3 years ago

Turkey’s lira sinks to new low, prompting bank to intervene

Associated Press  

ANKARA, Turkey — Turkey’s currency crashed to an new all-time low against the dollar Friday, a day after the Central Bank again lowered a key interest rate despite surging consumer prices, a move in line with President Recep Tayyip Erdogan’s unconventional economic policy. The Central Bank announced Thursday announced that it was cutting the key interest rate from 15% to …

EXPLAINER: Turkey’s currency is crashing. What’s the impact?
3 years, 1 month ago

EXPLAINER: Turkey’s currency is crashing. What’s the impact?

Associated Press  

ANKARA, Turkey — Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices. Turkey’s Central Bank has cut borrowing costs by 4 percentage points since September, in line with Erdogan’s wishes, …

Explained: Why Turkey's lira is crashing and what it has to do with strongman Recep Tayyip Erdogan
3 years, 1 month ago

Explained: Why Turkey's lira is crashing and what it has to do with strongman Recep Tayyip Erdogan

Firstpost  

The lira has lost more than 40 percent of its value against the dollar since the start of the year and the annual inflation rate has reached nearly 20 percent, quadruple the government’s target This week saw Turkey’s lira plunging as low as 14 to the US dollar and hitting fresh lows against the euro. Erdogan has already fired three …

Lira crash slams Turkey’s factories, farmers and retailers
3 years, 1 month ago

Lira crash slams Turkey’s factories, farmers and retailers

Al Jazeera  

The rapid devaluation of Turkey’s lira is rippling throughout the country’s private sector. “They are assuming lowering interest rates would lead to high exchange rates, and the Turkish lira would devalue, depreciate, and then Turkish goods and services will become cheaper in terms of our trade partners’ currency,” he told Al Jazeera, adding that Erdogan is assuming that the subsequent …

Why is Turkey’s lira crashing and will currency crisis worsen?
3 years, 1 month ago

Why is Turkey’s lira crashing and will currency crisis worsen?

Al Jazeera  

The lira lost nearly 30 percent of its value against the United States dollar in November. The lira’s recent troubles were triggered after Turkey’s central bank cut interest rates by a full percentage point on November 18 – the third cut since September – and signalled it would slash rates again in December. Yet the country’s benchmark interest rate currently …

Turkey’s economy grows 7.4% in Q3, but lira crisis risks mount
3 years, 1 month ago

Turkey’s economy grows 7.4% in Q3, but lira crisis risks mount

Al Jazeera  

Turkey’s economy powered ahead of most of its peers in Q3, but soaring inflation and a currency crisis could pose a threat to that recovery. Turkey’s economy zoomed ahead of most peers to expand 7.4% in the third quarter, but soaring inflation and a slump in the lira mean the surge could be short-lived. “With the current acute lira selloff …

Turkish lira plunges after Erdogan defends rate cuts
3 years, 1 month ago

Turkish lira plunges after Erdogan defends rate cuts

Associated Press  

ANKARA, Turkey — The Turkish currency weakened by some 10% against the U.S. dollar Tuesday, a day after President Recep Tayyip Erdogan insisted there would be no turning back from his unconventional policy of cutting interest rates despite high inflation. Erdogan, who had declared himself an “enemy” of high borrowing costs, portrayed his economic policies as “an economic war of …

Turkey’s lira hits record low after Erdogan defends rate cuts
3 years, 1 month ago

Turkey’s lira hits record low after Erdogan defends rate cuts

Al Jazeera  

Overall, the lira has lost nearly 40 per cent of its value against the dollar since the start of the year. The Turkish lira has hit a record low of 12.49 against the US dollar after President Recep Tayyip Erdogan defended recent sharp rate cuts. Erdogan has applied pressure on the central bank to pivot to an aggressive easing cycle …

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 …

Turkey’s central bank cuts rates again, lira sinks to record low
3 years, 1 month ago

Turkey’s central bank cuts rates again, lira sinks to record low

Al Jazeera  

Turkey’s central bank slashed interest rates for the third month running, and once again the lira paid the price, sinking to a new record low. The Turkish lira fell to a record low after the central bank cut borrowing costs for a third straight month, a move that risks further undermining price and currency stability. Yet under pressure from President …

‘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 …

Turkish lira continues to slide after interest rate cut
3 years, 2 months ago

Turkish lira continues to slide after interest rate cut

Associated Press  

ANKARA, Turkey — The Turkish lira continued to slide and reached a record low against the U.S. dollar Friday, a day after the Central Bank sharply cut interest rates. The Central Bank’s monetary committee cut the rate Thursday from 18% to 16%, despite rising inflation, surprising analysts and compounding a long run of losses. Economists generally view higher interest rates …

Turkish central bank bows to Erdogan’s pressure to cut rates
3 years, 3 months ago

Turkish central bank bows to Erdogan’s pressure to cut rates

Associated Press  

ISTANBUL — Turkey’s Central Bank unexpectedly cut the main interest rate by one percentage point on Thursday, bowing to President Recep Tayyip Erdogan’s demand for lower borrowing rates to boost growth. The bank’s monetary committee cut the policy rate from 19% to 18% despite an annual inflation rate of 19.25%. Economists generally view higher interest rates as a curb on …

Turkey: Central bank resists Erdogan’s calls for rate cut
3 years, 5 months ago

Turkey: Central bank resists Erdogan’s calls for rate cut

Al Jazeera  

The Turkish lira rallied after the country’s central bank resisted President Recep Erdogan’s calls for an interest rate cut and kept its benchmark rate unchanged. The Turkish lira rallied to lead gains among emerging-market peers after Turkey’s central bank held its benchmark interest rate, defying President Recep Tayyip Erdogan’s calls for a cut. Positive Yield “With analysts expecting inflation to …

‘Hitting people in every sense’: Turkish lira hits record low
4 years, 5 months ago

‘Hitting people in every sense’: Turkish lira hits record low

Al Jazeera  

The lira has lost some 18 percent of its value against the US dollar this year, despite greenback weakness. “We are a country that, politically, does not like interest rates so we do not anticipate a rate hike unless there is no other option,” said a treasury department official at one bank. Raising the stakes, data and the calculations of …

Turkey in Tough Battle to Defend Lira Despite Dollar Weakness
4 years, 5 months ago

Turkey in Tough Battle to Defend Lira Despite Dollar Weakness

Live Mint  

Not even the dollar’s swoon is helping the Turkish lira, which is being weighed down by a widening current-account deficit and an outflow of foreign capital. Turkish state-run banks, which on Monday sold about $1 billion to support the lira, were again seen defending the currency on Tuesday, according to two people with knowledge of the matter. “The lira is …

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