Turkey has seen prices rise and rates not seen for twenty-five years with the Turkish Lira collapse sending imported goods sky high. Turkish annual inflation accelerated for a 13th straight month to 78.6% in June. Staples such as transportation and food are rising at an even faster rate. Energy prices soared 151.3% from a year earlier, while food inflation reached almost 94%. The International Monetary Fund estimates Turkey will have the world’s highest inflation this year after Venezuela, Sudan and … Continue reading “Turkey’s Inflation Rate Surged to 78.6% in June with Energy Soaring 151.3% and Food Prices 94%”
Turkey has seen prices rise and rates not seen for twenty years as the Turkish Lira collapse sending imported goods sky high. Turkey’s annual inflation rate stood at 36.1% in December, for the month consumer prices rose 13.58%. Staples such as transportation and food are rising at an even faster rate. The annual CPI was the highest since 37.0% in September of 2002, two months before President Erdogan’s AK Party first came to power. Soaring import prices pushed the December’s … Continue reading “Turkey’s Inflation Rate Surged to 36.1% in December as Lira Crashed”
With the Turkish Lira in freefall Turkey’s President Recep Tayyip Erdogan announced extraordinary measures to save it from the depths Monday. Turkey is introducing a new program that will protect savings from the prices moves and gave the TRY a reprieve. The lira collapse accelerated with Turkey Central Bank sharp rate cuts. Erdogan vows to win his so called “economic war of independence”. With Turks not affording bare necessities as inflation runs rampant from the collapsed currency and elections in … Continue reading “Erdogan Takes Measures to Protect Turks from Currency Volatility Giving Turkey Lira Reprieve”
Turkey is a great lesson on why Central Banks and Governments should be independent. Turkey’s currency, the lira collapse accelerated further after its central bank cut its main interest rate by 1%, from 15% to 14% on Thursday with concerted pressure from President Recep Tayyip Erdogan wanting rates cut to stimulate the economy. Meanwhile Turks can’t afford bare necessities as inflation runs rampant from the collapsed currency. Inflation in Turkey has climbed above 21.7% over the year. “The Committee decided … Continue reading “Turkey A Lesson in Why Central Banks Need to Be Independent as Lira Collapses Accelerates”
Turkey’s currency, the lira collapse accelerated Tuesday, down 15% on the day. This was its second-worst day ever with the latest catalyst President Tayyip Erdogan defending the Turley Central Bank sharp rate cuts. He vows to win his so called “economic war of independence”. Meanwhile Turks can’t afford bare necessities as inflation runs rampant from the collapsed currency. Erdogan has dug his heals in from the widespread criticism and pleas to reverse course on rates. Highlights (via Reuters) Lira has … Continue reading “Turkey Lira Collapses Another 15% in One Day as Erdogan Defends Rate Cuts”
Turkey’s Lira hit a 7 month low after the U.S. assassinated Iranian Maj. Gen.Soleimani in an airstrike. Iran’s Supreme Leader Ayatollah Ali Khamenei Swore retribution after the US Turkish state lenders sold up to $1.5 billion to stem the lira’s fall on Friday,
The Turkish crisis escalated over the past week and has sent flight risk contagion ripples through emerging markets. The fallout extends to those that are Turkey’s biggest lenders. There are five banks most exposed with Spains BBVA the most at risk
Much back and forth on a Turkey-US crisis, coming just weeks after the Kurdistan vote. Turkish Deputy PM Simsek speaking in Washington says its all overblown. What grabbed my attention was Turkey’s 10% inflation on a Fed minutes day.