>The bad news for the Turkish economy continues unabated. According to the statistics authority, inflation has risen once again. And once again, the country’s central bank has to intervene.
21.3 percent, that is the official value of Turkish inflation in November compared to the previous year. Inflation has not been this high for three years. Food prices rose by as much as 27 percent in the same period. The opposition and critical experts, however, expect inflation to be up to twice as high.Credit rating downgradedThe rating agency Fitch lowered the outlook for Turkey’s credit rating from stable to negative. It referred to monetary policy easing that Fitch believes came too soon. It said this was causing less confidence, as shown by the lira exchange rate. The Turkish currency has lost well over 40 percent of its value since the beginning of the year.The central bank in Ankara today gave the lira a helping hand for the second time this week. On its homepage, it says it has sold dollars – because of unhealthy pricing of exchange rates.Erdogan sticks to his coursePresident Recep Tayyip Erdogan is criticized for bearing the main responsibility for the poor exchange rate and also the high inflation. He insists on a low key interest rate, which he believes will boost the economy and counteract currency devaluation. In doing so, however, he contradicts the common opinion of the vast majority of economic experts.
1 EUR: 15,50 TL as per now
Turkey on the road of becoming a third world country.
5 comments
>The bad news for the Turkish economy continues unabated. According to the statistics authority, inflation has risen once again. And once again, the country’s central bank has to intervene.
21.3 percent, that is the official value of Turkish inflation in November compared to the previous year. Inflation has not been this high for three years. Food prices rose by as much as 27 percent in the same period. The opposition and critical experts, however, expect inflation to be up to twice as high.Credit rating downgradedThe rating agency Fitch lowered the outlook for Turkey’s credit rating from stable to negative. It referred to monetary policy easing that Fitch believes came too soon. It said this was causing less confidence, as shown by the lira exchange rate. The Turkish currency has lost well over 40 percent of its value since the beginning of the year.The central bank in Ankara today gave the lira a helping hand for the second time this week. On its homepage, it says it has sold dollars – because of unhealthy pricing of exchange rates.Erdogan sticks to his coursePresident Recep Tayyip Erdogan is criticized for bearing the main responsibility for the poor exchange rate and also the high inflation. He insists on a low key interest rate, which he believes will boost the economy and counteract currency devaluation. In doing so, however, he contradicts the common opinion of the vast majority of economic experts.
1 EUR: 15,50 TL as per now
Turkey on the road of becoming a third world country.
i hate this country
Good