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The hike is the latest step to curb soaring inflation that has left many households unable to buy basic necessities. advertisementTurkey’s central bank today (Thursday, January 25) raised its key interest rate by another 2.5 percentage points, pushing ahead with a series of rate hikes aimed at combating inflation, which reached nearly 65% in December.The bank raised its base interest rate to 45%. The rate hike is the eighth since President Recep Tayyip Erdogan abandoned unconventional economic policies that economists say triggered a currency crisis and raised the cost of living. Many households struggled to buy daily necessities.Erdogan has long…
After months of high inflation, Turkey’s January business confidence report shows the situation is gradually improving. advertisementThe Turkish Business Confidence Index for January 2024 was released on Thursday morning and stood at 100.9 this month, surpassing the one-year low of 99.1 recorded in December. This was mainly due to finished goods inventories rising from 95.2 in the previous month to 95.3 in January. The total number of orders also increased slightly from 83.8 to 85.1.A score above 100 indicates an optimistic outlook for economic activity, while a score below 100 indicates a pessimistic outlook. Furthermore, production expectations for the next…
Residents wait at a bus stop under a large Turkish flag on Sunday, April 30, 2023 in Istanbul, Turkey.Bloomberg | Bloomberg | Getty ImagesThe rate hike is the latest step in Turkey’s monetary policy makers’ continued fight against double-digit inflation.Turkey’s inflation rate rose from 62% in November to 64.8% year-on-year in December, and the country’s currency, the lira, hit a record low against the US dollar in early January, exceeding $1 = $30. . first time.Analysts expect this to be the last rate hike for some time, especially with local elections looming in March.Liam Peach, a senior emerging markets economist…
Get the Editor’s Digest for freeFT editor Roula Khalaf has chosen her favorite stories in this weekly newsletter.Turkey raised interest rates to 45 percent as policymakers signaled the country’s long-running inflation crisis is expected to ease this year, ending an eight-month campaign of sharply raising borrowing costs. The central bank raised its benchmark one-week repo rate by 2.5 percentage points on Thursday, as expected, marking the eighth rise in borrowing costs since June.The central bank’s policy-making committee said that although inflation remains near 65% and could rise further in the coming months, “domestic demand remains weak as expected as monetary…
Iranian President Ebrahim Raisi’s visit to Turkey this week comes against the backdrop of the Gaza war, ongoing regional crises, and tensions in bilateral relations.Wednesday’s visit and the issues discussed reflected the complex power relationship between Iran and Turkey. The visit resulted in 10 agreements emphasizing cooperation in energy, free trade and transport. This highlights the importance of political cooperation and conflict resolution in Iran-Turkey relations, and the delicate balance between cooperation and addressing regional complexities amidst geopolitical challenges.Raisi’s visit underscored ongoing efforts to strengthen economic ties while building an image of agreement on regional issues. While mutual distrust may…
Hair loss is my most popular topic as a grooming writer. Or rather, hair regrowth and maintenance is my most popular topic, as there are highly effective ways to reverse male pattern baldness or prevent hair loss in the first place. This is a life-changing boost to a man’s self-confidence — much more so than most moisturizers, toothpaste tubes, or shampoos (not that I don’t love writing about those things, either). I feel an obligation to talk openly and proudly about hair transplants.Sure, finasteride and minoxidil are very effective at regrowing hair, but they can’t replace all the hair you’ve…
The war in Gaza was at the top of the agenda when Turkish President Recep Tayyip Erdogan and his Iranian counterpart Ebrahim Raisi met in Ankara.Turkish President Recep Tayyip Erdogan said during Iranian President Ibrahim Raisi’s visit to Ankara that he and his Iranian counterpart agreed to avoid any actions that could threaten stability in the Middle East. Speaking at a press conference after their meeting on Wednesday, Erdogan said the two leaders discussed an end to Israel’s “inhumane” attacks on Gaza and the need for a just and lasting peace in the region. “We agreed on the importance of…
The war in Gaza was at the top of the agenda when Turkish President Recep Tayyip Erdogan and Iran’s Ebrahim Raisi met in Ankara.Turkish President Recep Tayyip Erdogan said during Iranian President Ebrahim Raisi’s visit to Ankara that he had reached an agreement with the Iranian president to avoid measures that could threaten stability in the Middle East. At a press conference after Wednesday’s meeting, Erdogan said the two men discussed ending Israel’s “inhumane” attacks on Gaza and the imperative of a just and lasting peace in the region. “We agreed on the importance of refraining from measures that further…
Morgan Ribeiro underwent weight loss surgery in Turkey after years of bullying The grief-stricken mother of a young British woman who died after a botched weight-loss operation has accused the cosmetic surgery clinic in Turkey of ‘taking her money and leaving her to die’.Morgan Ribeiro flew to Turkey to undergo a gastric sleeve operation after suffering years of bullying about her weight.But the 20-year-old from south London died from complications in a Serbian hospital after her return flight to Britain had to make an emergency landing in Belgrade when she became severely unwell.Speaking exclusively to MailOnline, Morgan’s heartbroken mother Erin…
Turkish President Recep Tayyip Erdogan wants to boost voter confidence. A few days ago, announcing AKP candidates and kicking off the local election campaign, he proclaimed: “We will defeat the opposition in all their strongholds!” With the elections taking place on March 31, Erdogan is especially keen to win back Turkey’s economically powerful cities of Istanbul, Ankara, Izmir and Antalya from the opposition. But he doesn’t seem confident of victory. Erdogan knows all too well that voters in big cities are unpredictable, which is why these seats are so hotly contested. Whoever controls the big cities holds a lot of…