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Turkish economy sees turbulence in 2020 amid COVID-19, management reshuffle - Xinhua


Turkish economy sees turbulence in 2020 amid COVID-19, management reshuffle
Source: Xinhua|
Editor: huaxia
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ISTANBUL, Dec. 29 (Xinhua) -- The year of 2020 has been a difficult and turbulent one for Turkey as the COVID-19 pandemic and dramatic changes in the economic leadership sent shockwaves through all sectors of the industry and economy, experts said.
The nation was just recovering from the 2018 currency meltdown when the coronavirus arrived in March. The impact of the lockdown measures and restrictions started to be felt when the Turkish economy registered a staggering contraction of 9.9 percent in the second quarter.
Moreover, the Turkish currency also continued to depreciate and lost 30 percent of its value against the U.S. dollar since the start of the year.

Istanbul , Turkey , Altinbas , Ankara , Turkish , Lutfi-elvan , Enver-erkan , Berat-albayrak , Tayyip-erdogan , Naci-agbal , Emre-alkin , Istanbul-altinbas-university

Turkey's central bank raises interest rate to 17%

ISTANBUL — Turkey’s central bank raised the benchmark interest rate on Thursday for a second time in a row under its new chief. The bank announced after its Monetary Policy Committee meeting that it was raising the one-week repo rate — the rate by which it lends to commercial banks — by 200 basis points […]

Istanbul , Turkey , Turkish , Berat-albayrak , Murat-uysal , Tayyip-erdogan , Naci-agbal , Associated-press , Monetary-policy-committee , President-recep-tayyip-erdogan , இஸ்தான்புல் , வான்கோழி

Turkey's Central Bank Lifts Rate Sharply By 200 Bps

ANKARA (dpa-AFX) - Turkey's central bank resorted to another sharp rate hike on Thursday, in a bid to bring inflation down from double-digits and maintain price stability.The Monetary Policy

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Turkey raises rate 3rd time to eliminate risks to inflation


Turkey raises rate 3rd time to eliminate risks to inflation
       Turkey's central bank raised its policy interest rate for the third time this year, and for the second time under its new governor, in what it said was a "strong monetary tightening" to eliminate the risks to the outlook for inflation and reiterated it would "decisively" maintain tight monetary policy until there is a permanent fall in inflation.
      The Central Bank of the Republic of Turkey (CBRT) raised its one-week repo auction rate by another 200 basis points to 17 percent and has now raised it by 825 points following a first hike in September and then a second hike in November after the new governor, Naci Agbal, was installed by Turkey's strong-willed president, Tayyip Erdogan.

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Turkey's central bank raises interest rate to 17% - The Washington Post

Turkey's central bank raises interest rate to 17% - The Washington Post
washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.

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Turkey's Year of Drama Hands Investors These Priorities for 2021


Publishing date: Dec 16, 2020  •  December 17, 2020  •  4 minute read  • 
Article content
(Bloomberg) — It has been a tumultuous year in virus-ravaged global markets, but investors in Turkey have had more drama to cope with than most.
The lira’s plunge was the steepest in emerging markets after the Argentine peso and regulators caused investor unease with market interventions, including curbs on short selling, that helped to spur record outflows. Geopolitical risks were plentiful too, through Turkey’s stance on eastern Mediterranean energy exploration, and on the conflicts in Syria, Libya and between Armenia and Azerbaijan, and its purchase of a Russian air defense system.

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Turkey's Year of Drama Hands Investors These 2021 Priorities


Turkey’s Year of Drama Hands Investors These 2021 Priorities
Bloomberg
12/17/2020
Tugce Ozsoy and Inci Ozbek
(Bloomberg) -- It has been a tumultuous year in virus-ravaged global markets, but investors in Turkey have had more drama to cope with than most.
The lira’s plunge was the steepest in emerging markets after the Argentine peso and regulators caused investor unease with market interventions, including curbs on short selling, that helped to spur record outflows. Geopolitical risks were plentiful too, through Turkey’s stance on eastern Mediterranean energy exploration, and on the conflicts in Syria, Libya and between Armenia and Azerbaijan, and its purchase of a Russian air defense system.

New-york , United-states , Azerbaijan , Armenia , Argentina , Washington , Libya , Syria , Ankara , Turkey , Russia , London

Turkey's economic woes have weakened Erdogan's iron grip over the country


Turkey’s economic woes have weakened Erdogan’s iron grip over the country
The nation’s aggressive and costly ambitions to emerge as a regional power appear to be backfiring.
Members of the Kurdish community living in Greece demonstrate against Erdogan.
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Sakis Mitrolidis / AFP
All is not looking rosy for Recep Tayyip Erdoğan, Turkey’s authoritarian president. Once feted for presiding over what was generally considered a regional success story, his stock is falling rapidly as the economic problems faced by his country pile up.
In November, the inflation rate in the country soared to 14.03%, 1.5 points over the expected level and a 15-month high. The latest figures reflect a 2.3% rise in monthly consumer prices – and, ominously, the most significant price increases are for basic day-to-day necessities such as food, non-alcoholic beverages and transport.

United-states , Azerbaijan , Israel , Armenia , Libya , Ankara , Turkey , Syria , Russia , France , Cyprus , Greece

Turkey: shaky economy destabilises Erdoğan's authoritarian presidency

Turkey: shaky economy destabilises Erdoğan's authoritarian presidency
neoskosmos.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from neoskosmos.com Daily Mail and Mail on Sunday newspapers.

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MIL-OSI Global: Turkey: shaky economy destabilises Erdoğan's authoritarian presidency

MIL-OSI Global: Turkey: shaky economy destabilises Erdoğan's authoritarian presidency
foreignaffairs.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from foreignaffairs.co.nz Daily Mail and Mail on Sunday newspapers.

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