The Central Bank of the Republic of Turkey saw its foreign currency reserves dwindle by $9.5 billion from 1 April through 12 May and its gold stores shrink by $7.9 billion ahead of mid-May’s first-round presidential election, the Financial Times calculated from the bank’s data.
One of our Top Trends for 2020 was New World Disorder. Long forgotten are the facts that back in 2019 people across the globe were taking to the streets in protest of government corruption, crime, violence, and the decline and/or lack of basic living standards.
Turkey’s central bank cut its policy interest rate from 9 percent to 8.5 percent last week, partly in response to this month’s earthquake that devastated swaths of Syria and Turkey and killed tens of thousands of people.
As inflation crashed Turkey’s economy over the past year and shredded the value of its lira currency, president Recep Erdogan insisted the country was pioneering a “new economic model” in which rock-bottom interest rates and a near-worthless currency would create an economic boom driven by exports.
As we have greatly detailed, the rise and fall of interest rates is a guessing game since facts do not matter. Again, the facts were clear, front and center: Inflation was spiking but the Central Banksters defamed those of us who said it was real and rising and instead declared it was only “temporary” and then “transitory.”
The world is moving toward a hyperinflation catastrophe that could spark the worst financial crisis since World War II, the Elliott Management Fund warned in a letter to clients last week obtained by the Financial Times.
With inflation in Turkey galloping at 83 percent in September, the country’s central bank cut its key interest rate from 12 percent to 10.5, adhering to Turkish president Recep Erdogan’s insistence that low interest rates reduce inflation.
Despite inflation edging above 80 percent in August, Turkey’s central bank cut its benchmark one-week repo rate last week from 13 percent to 12. The country’s lira currency took yet another step down after the announcement, to 18.387 against the dollar. The lira has lost almost a third its value against the greenback so far...
Turkey’s inflation rate clocked in at 80.2 percent in August, rising from 79.6 percent in July to reach its highest level since 1998, according to the government’s Turkish Statistical Institute. However, a consumer price index kept by the Istanbul Chamber of Commerce in the country’s largest city showed an annual growth rate of almost 100...
Recep Tayyip Erdoğan, the Turkish prime minister, repeated Russian President Vladimir Putin’s claim that the much-need grain shipments out of Ukraine were largely sent to wealthy countries. Putin said earlier this month that just seven out of 87 ships hauling 60,000 metric tons of grain were sent to poor countries. “What we are seeing is...