#turkeyeconomy

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #tuesday #morningpressreview #europeanunionrussiaukraineinternationalrelations #turkeyeconomy Erdogan: Inflation in Turkey will reach "appropriate" levels by March 2023 NICOSIA (Radiosat24web) - Turkish President Recep Tayyip Erdogan said on Monday that inflation in Turkey will fall to "appropriate" levels by March next year, after exceeding 73 percent in May, and is expected to continue rising. Speaking after a cabinet meeting, Erdogan said a supplementary government budget, which Parliament is currently discussing, is required due to price fluctuations caused by inflation. #radiosat24web https://www.instagram.com/p/CfVsTRAtQMI/?igshid=NGJjMDIxMWI=

[insideworld22]

Click Here To See: https://youtu.be/BFzEBrhbBvA

[lollipoplollipopoh]

🇹🇷 Turkey's construction industry struggles on | Al Jazera English by Al Jazeera English Empty high-rises and homes fit for royalty have become symbols of Turkey's struggling economy. Construction has been at the heart of the country's growth but inflation and a devalued currency are threatening to take the industry from boom to bust. Al Jazeera's Stefanie Dekker reports from Mudurnu, Turkey. - Subscribe to our channel: http://bit.ly/291RaQr - Follow us on Twitter: https://twitter.com/AJEnglish - Find us on Facebook: http://bit.ly/1iHo6G4 - Check our website: http://bit.ly/2lOp4tL #Turkey #TurkeyEconomy #TurkeyConstruction

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Society 5.0 could take social system to next level: Analyst - Yeni Şafak English https://ift.tt/2pVcCiz

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #europeanunionrussiaukraineinternationalrelations #wednesday #morningpressreview #turkeyeconomy The Turkish lira continues to decline after Erdogan's statements NICOSIA (Radiosat24web) -The Turkish lira fell 1.1 percent against the US dollar, on Tuesday, to a record closing low, as concerns about runaway inflation increased after President Recep Tayyip Erdogan pledged to continue cutting interest rates. In a speech on Monday evening, Ardoan sought to play down a jump in annual inflation that took it to 73 percent last month, saying it was one of the few problems facing the economy that is likely to begin to subside early next year. And the lira recorded at the close of 16,765 to the dollar, compared to 16.58 at the close, Monday, extending its losses since the beginning of the year to more than 21 percent, to be added to a sharp decline of 44 percent in 2021, when it was affected by a series of unconventional interest rate cuts despite high inflation. #radiosat24web https://www.instagram.com/p/CeiJa1vNqpp/?igshid=NGJjMDIxMWI=

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #saturday #morningpressreview #natousarussiaukraineeuropeanunioninternationalrelations #turkeyeconomy Turkey is experiencing the highest inflation in 24 years..a rate of 73.5% NICOSIA (Radiosat24web) - The inflation rate in Turkey rose to its highest level in 24 years in May 2022, as it recorded 73.5% on an annual basis, according to official data showed Friday. But the increase was less than that recorded in previous months, which may be an indication that price pressure is slowing. Turkey raised the prices of natural gas and electricity a few days ago, and the country's energy importer blamed it on what it described as a "perfect storm" in the markets fueling the high inflation in the country, which is likely to have reached its highest levels in 24 years last month. Turkey imports almost all of its energy needs, making it vulnerable to significant price fluctuations. Rising global energy costs in recent months have increased import costs. This #article continues https://www.instagram.com/p/CeX1u6qNoe3/?igshid=NGJjMDIxMWI=

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #wednesday #morningpressreview #morningcoffee #natousarussiaukraineeuropeanunioninternationalrelations #turkeyeconomy Despite the currency crisis, Turkey's economy grows 7.3% in the first quarter NICOSIA (Radiosat24web) - Data showed that Turkey's annual economic growth rate reached 7.3% in the first quarter of the year, a slight increase than expected, driven by strong demand, manufacturing and exports, even in light of the repercussions of the currency crisis. Last year, Turkish President Recep Tayyip Erdogan adopted a policy that prioritizes economic growth, employment, investment and exports, spurred by a series of unconventional interest rate cuts that led to the lira's collapse in December. Economists say it is ironic that cuts in interest rates to 14% could hamper economic growth in 2022 because it also drove inflation to 70%. However, data from the Turkish Statistical Institute showed that GDP grew in the first quarter by 1.2% compared to the previous quarter on the basis of seasonally and calendar-adjusted data. Demand and spending were partly driven by higher prices. In a Radiosat24web poll, the economy was expected to grow by 7.1% in the first quarter and by 3 percent for the whole year, as the rise in energy prices, due to the war in Ukraine, weighs on the current account, the public budget and inflation expectations. Turkey was one of the few countries that saw growth in 2020, largely due to cheap loans to counteract the economic impact of the pandemic. The economy rebounded from the COVID-19 pandemic to grow by 11% in 2021 after COVID restrictions were largely lifted. This #article continues https://www.instagram.com/p/CeQhspNNplF/?igshid=NGJjMDIxMWI=

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #friday #morningpressreview #turkeyeconomy A hot issue shakes Turkey.. The economy is paying the price for the collapse of the lira Nicosia (Radiosat24web) - Consumer prices in Turkey rose by 48.69 percent on an annual basis in January, the highest number recorded since April 2002, caused by the collapse of the Turkish lira in 2021, according to official figures published Thursday. In December, prices rose to 36.08 percent year on year. Inflation has become a hot issue in Turkey less than 18 months before the next presidential election, and the opposition and some Turkish and foreign economists have accused the National Statistical Office of reducing its rate by more than half. This lack of confidence reinforced the recent decision of President Recep Tayyip Erdogan, who last week sacked the director of the Statistics Office, in the fifth switch since 2019. For its part, Turkey's central bank has been cutting interest rates almost systematically in recent months, and Erdogan pledged in January to "reduce inflation" to below 10 percent "as soon as possible". Contrary to classical economic theories, the Turkish president believes that high interest rates boost inflation, but his monetary policy and the lack of independence of the Central Bank - which Erdogan has dismissed 3 governors of since 2019 - only accelerated the decline of the national currency (-44 percent against the dollar in 2021), which It led to a massive increase in prices. Erdogan warned, on Monday, that the Turks will have to "bear" the burden of inflation "for some time after," stressing that "with God's help, we have entered a period in which every month is better than the previous one." #radiosat24web https://www.instagram.com/p/CZjCI3ftkf_/?utm_medium=tumblr

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #thursday #morningpressreview #turkeyeconomy Turkish lira falls 2% after Erdogan again defends interest rate cuts NICOSIA (Radiosat24web) - Turkish President: Ankara will stand up to the war on the currency. The Turkish lira fell more than 2% on Wednesday, retreating towards record lows, as President Recep Tayyip Erdogan renewed his commitment to lower interest rates. After rising in the Tuesday session, the lira fell 2.45% to 13.80 against the dollar by 1420 GMT compared to the previous close of 13.45 liras per dollar. The Turkish currency has lost 46% of its value against the dollar this year, and touched an all-time low of 14.0 lira to the dollar last week. The Turkish president described the process of hoarding hard currency as the cause of the economic crisis, warning that those who do so will be punished. Erdogan defended the rate cut, saying on Wednesday that he was still not convinced by the higher interest rate. Erdogan has vowed that his country will control inflation through low interest rates, which is contrary to normal economic estimates. The Turkish president said that Ankara would stand up to the war on the Turkish lira. The credit rating agency, Fitch, revised Turkey's outlook to negative, affirming its rating at (bb-) and lowered its outlook on Turkey's long-term debt default to negative from stable. Fitch said that adjusting Turkey's outlook reflects the central bank's policy of monetary easing before its time, noting that its assessment reflects weak monetary policy credibility, high inflation, lack of external liquidity and geopolitical risks. #radiosat24web https://www.instagram.com/radiosat24web/p/CXQNMH_tuGd/?utm_medium=tumblr

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #monday #afternoonpressreview #turkeyeconomy Turkey says it does not ask for money from Qatar despite the collapse of the currency NICOSIA (Radiosat24web) - Turkish Foreign Minister Mevlut Cavusoglu told a news conference in Doha that Turkey was not asking Qatar to send any money to help it cope with the devaluation of the lira, adding that discussions ahead of President Recep Tayyip Erdogan's visit to Doha focused only on improving relations. "We did not come to Qatar to ask them to send any (amount) of money. We are only here to discuss how to improve relations," he told reporters. The value of the lira has depreciated by about 30% over the past month, following a rapid sell-off driven by sharp interest rate cuts, a measure that Erdogan has strongly supported despite the objections of economic experts and opposition politicians who say it is a measure with uncalculated consequences in light of high inflation. Asked if Erdogan would request economic support from Qatar during his talks in Doha this week, Cavusoglu said Turkey had taken measures to curb exchange rate fluctuations. He added that the two countries will sign a range of agreements in sectors such as health and education, while strengthening military cooperation. #radiosat24web https://www.instagram.com/p/CXJDiPutaz5/?utm_medium=tumblr

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #thursday #morningpressreview #turkeyeconomy Turkish lira plunges after Erdogan sacked central bank officials NICOSIA (Radiosat24web) -The Turkish lira fell to a new record low at 9.18 against the US dollar In the early hours of Thursday, Turkish President Recep Tayyip Erdogan issued a decision to dismiss 3 central bank officials and appoint two others. The exemption decision, which was published in the Official Gazette, concerns the two Vice President of the Central Bank, Semih Toman, Ugur Namik Koçek, and a member of the Monetary Policy Council, Abdullah Yavas, less than 5 months after his appointment to this position. The decision also included the appointment of "Taha Chanak" as Vice President of the Central Bank, and "Youssef Tuna" as a member of the Monetary Policy Council. The decision comes after an important meeting held by President Erdogan with the Governor of the Central Bank of Turkey, Shehab Kavcioglu, in the capital, Ankara, on Thursday night. As a result of this decision, the Turkish lira fell to its lowest level, breaking a new record for the third time in a row today, exceeding 9.18 lira per US dollar. The central bank last month cut its key interest rate to 18 percent from 19 percent, despite annual inflation rising to around 20 percent, in a move analysts saw as fresh evidence of political interference from Erdogan, who describes himself as an "enemy of interest rates". The Central Bank's Monetary Policy Committee will hold its next meeting on October 21. #radiosat24web https://www.instagram.com/p/CU_9OoZNuMy/?utm_medium=tumblr

[radiosat24web]

#radiosat24web #easternmediterraneanarea #middleeast #gulfcountries #gulfcooperationcouncil #easternmediterraneaneurope #mediterraneanregion #states #communities #localgovernment #economydevelopingcountries #socialopportunities #sportsandfreetime #dailypressreview #thursday #afternoonpressreview #turkeyeconomy Covered by the ruling party, Turkish companies smuggle millions of dollars Nicosia (Radiosat24web) - German report: Official documents revealed that a Turkish company whose owner is close to Erdogan transferred hundreds of millions of dollars annually without any obstacles. Official documents published in a German report revealed that a Turkish company whose owner is close to President Recep Tayyip Erdogan transferred hundreds of millions of dollars in profits annually without any hindrance from the authorities, although the amounts transferred by the company abroad are huge and require accountability before they are sent, according to Turkish law. Rönesans Holding, one of the companies that has benefited most from the rise to power of Erdogan's ruling Justice and Development Party, has transferred $210 million from Turkey to Swiss banks in the last five years, meaning that the transfer of The funds began shortly after the failed coup attempt against the rule of the Turkish president, which took place in mid-July 2016. Although Erman Ilicak, the owner of Renaissance Holding, is close to Erdogan, but he seems to fear that Erdogan will turn against him, the government has previously exiled businessmen close to it after the authorities confiscated their companies and froze their bank assets on the grounds of tax evasion or accusing them of supporting the attempt Failed coup. This #article continues https://www.instagram.com/p/CUusJBpN02X/?utm_medium=tumblr