Inflation in Turkey hit a 20-year-high in April as the country continued to battle rising rates, further exacerbated by the conflict in Ukraine and supply chain issues, according to data published by the Turkish Statistical Institute on May 5. Consumer price inflation soared to 69.97 percent per year in April, and 7.25 percent monthly, driven by high…
Inflation Surges 70 Percent in Turkey on Higher Energy Prices and Weakening Lira
Turkey Officials Say Inflation Jumped 36 Percent Amid Ongoing Lira Woes
Turkey’s annual inflation soared to its highest level in 19 years in December 2021, according to data from the Turkish Statistical Institute published on Monday. The country’s annual inflation jumped to 36.08 percent year-on-year in December, the highest since September 2002, just months before President Tayyip Erdogan’s AK Party first took office, and far exceeding the annual inflation…
Turkish Lira Declines Against Dollar Again Amid Concerns Over Erdogan’s Monetary Policy
December 27, 2021
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The Turkish Lira slid against the dollar yet again on Monday amid ongoing investor concerns over President Tayyip Erdogan’s monetary policy. The decline follows a rollercoaster ride of volatility that saw the currency surge more than 50 percent last week after the country’s government announced a number of measures to safeguard deposits held in lira against currency fluctuations….
Turkish Lira Gains Traction After Erdogan Announces Measures to Safeguard Deposits in National Currency
The Turkish lira gained traction on Tuesday after President Recep Tayyip Erdogan’s government announced a number of measures to safeguard deposits in the national currency against currency fluctuations. The lira hit an all-time low of 18.36 against the U.S. dollar on Monday following weeks of volatility. But on Tuesday morning, it rebounded to a high of 11.09….
Turkey’s Erdogan Says He’s Cut Inflation to 4 Percent Before, Can Do Again
ANKARA—President Tayyip Erdogan said he had lowered Turkey’s inflation to around 4 percent before and that he will achieve that again, as it topped 21 percent following a push for aggressive cuts in interest rates that he has engineered. Erdogan has said that policy, which has sent the country’s lira crashing, was part of a…
Turkish Stock Market Halts Trading Twice Amid Rampant Inflation
The Turkish stock market was closed twice on Friday after a devastating crash, as the country faces snowballing inflation and a floundering economy. The Istanbul Stock Exchange (Borsa) halted trading of equities, equity derivatives, and debt repo transactions on Friday at two separate times as the country’s economic crisis reached a new level of alarm….
Turkish Citizens Abandon the Lira for Dollars Amid Unstable Economy and Soaring Inflation
November 29, 2021
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Turkish citizens are abandoning the country’s currency, the lira, in exchange for U.S. dollars amid an unstable economy that has seen inflation levels soar. The lira crashed 15 percent against the dollar on Tuesday last week in its second-worst day ever after President Tayyip Erdogan, who has led the country since 2003, said that he would not be deterred…
Turkish Lira Holds Ground After Week’s Volatile Selloff
ISTANBUL—Turkey’s lira was flat on Thursday after a historic slide to record lows this week that was triggered by President Tayyip Erdogan’s defence of interest rate cuts, despite widespread criticism of his policy direction. The lira was worth 12.09 versus the dollar by 1044 GMT, after having firmed as much as 2 percent to 11.85…
Apple Customers in Turkey Can No Longer Purchase Devices From Official Stores After Lira Crashes
November 24, 2021
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Apple has temporarily halted online sales of some of its devices on official stores in Turkey after the country’s currency, the lira, crashed 15 percent on Tuesday against the dollar. Currently, consumers looking to purchase Apple products including iPhones and Macs from the official Apple store in Turkey are able to view the products on the website….
Shares Shrivel After Powell’s Renomination; Turkish Lira Crashes
November 23, 2021
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LONDON—Stock markets fell sharply and the dollar held on to recent gains on Tuesday as investors positioned for interest rate hikes in 2022 after Federal Reserve Chairman Jerome Powell was nominated for a second term. After Wall Street turned lower on Monday, Asian shares dropped and European stocks opened in the red. Futures on Wall…
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