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Articles for Erkan

At this new Turkish ice cream shop in Long Beach, the show stars rare dondurma
5 months, 2 weeks ago

At this new Turkish ice cream shop in Long Beach, the show stars rare dondurma

LA Times  

Galata’s ice cream master, Erkan Gozal, specializes in the “ice cream show,” flipping and swapping cones, toying with the customers and adding a sense of whimsy to the Long Beach scoop shop. The “ice cream show” at Galata, Long Beach’s new Turkish scoops shop, is beloved by children, but it’s just as fun and whimsical for adults. You can’t compare …

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Turkey’s new central bank chief assures that work to combat inflation will press on
10 months, 2 weeks 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 …

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Turkey’s central bank hikes key interest rate again to 45% to battle inflation
10 months, 4 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 …

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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 …

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Long opposed to rate increases, Erdogan now backs plan that includes raising rates, minister says
1 year, 3 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 …

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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 Turkey Bank Economic Central Rate Erdogan
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 …

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Turkish leader says his economic views are same but he’ll accept finance minister’s approach
1 year, 6 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 …

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Erdogan’s new central bank chief signals hope for Turkey’s economic turnaround
1 year, 6 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 …

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Why Turkey’s currency is crashing after Erdogan got reelected
1 year, 6 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 …

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