On 31 March, the Justice and Development Party (AKP) led by Turkey’s President Recep Erdogan was drubbed in municipal elections, suffering what Bloomberg called “an unprecedented defeat.”
Tag: Turkey
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GAZA HAS BECOME ‘HELL ON EARTH’ AS MORE CHILDREN STARVE TO DEATH, TURKEY ACCUSES ISRAEL OF USING STARVATION AS WEAPON OF WAR
The number of children starving to death in Gaza continues to increase, with the number hitting at least 15 on Monday, including 10 who have died of dehydration and malnutrition in the northern Gaza Strip.
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TURKEY’S CENTRAL BANK RAISES INTEREST RATE TO 40 PERCENT
Signaling a newfound seriousness about inflation, now running at about 61 percent, Turkey’s central bank raised its key interest rate by 5 points on 23 November to 40 percent, its highest level in almost 20 years.
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TURKEY RAISES KEY INTEREST RATE BY 5 POINTS AT ONCE
On 21 September, Turkey’s central bank hiked its key one-week repo interest rate by a whopping five percentage points to 30 percent, matching economists’ forecast in a FactSet poll.
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TURKEY’S LIRA CONTINUES TO FALL
Having secured his re-election on 28 May as Turkey’s president, Recep Tayyip Erdogan has appointed a new finance minister who promises “rational” fiscal policies.
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TURKEY’S CENTRAL BANK DRAINS GOLD, FOREIGN RESERVES NEAR ELECTION
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.
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TURKEY: ERDOGAN’S “NEW ECONOMIC MODEL” WORKS – SORT OF
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.
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TURKEY’S CENTRAL BANK CUTS INTEREST RATE AGAIN
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.
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ONLY IN TURKEY: INFLATION RISES, INTEREST RATES FALL
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...