Financial crises
Gov’t to continue cutting interest rates: Erdoğan
The government will continue lowering interest rates, President Recep Tayyip Erdoğan said, vowing to fight against the rising cost of living.
"This government will not hike interest rates. No one should expect us to do this. On the contrary, we will keep lowering the rates," Erdoğan said following a cabinet meeting in Ankara on May 6.
- Read more about Gov’t to continue cutting interest rates: Erdoğan
- Log in to post comments
Banks’ four-month profits soar 370 percent
The combined net income of banks operating in Turkey increased by 374 percent in January-April from a year ago to stand at 98.2 billion Turkish Liras, data from the Banking Regulation and Supervision Agency (BDDK) showed.
Assets of lenders grew by 1.1 trillion liras - or 12.6 percent - compared with the end of 2021 to 10.4 trillion liras.
- Read more about Banks’ four-month profits soar 370 percent
- Log in to post comments
Confidence in economy improves in May
The economic confidence index gained 2.1 percent in May from April to stand at 96.7, the Turkish Statistical Institute (TÜİK) said on May 26.
Any index figure above the 100-threshold indicates optimism.
The index declined for three consecutive months between February and April.
- Read more about Confidence in economy improves in May
- Log in to post comments
Turkey inflation rises to nearly 70 percent in April
Turkey's annual consumer price inflation increased from 61.1 percent in March to 69.97 percent in April, the Turkish Statistical Institute (TÜİK) has reported.
Consumer prices increased by 7.25 percent on a monthly basis in April, after increasing by 5.46 percent in March. The monthly inflation rates were 11.1 percent in January and 4.8 percent in February.
Retail prices in Istanbul rises 11 percent
Retail prices in Istanbul increased by 11.4 percent in April from March, the Istanbul Chamber of Commerce (İTO) has said.
That came on top of the 6.29 percent rise in the retail prices in the country's largest city in April.
Food prices rose by 11.5 percent for an annual increase of 84.4 percent, while the increase in housing expenses was 10 percent, the İTO said.
- Read more about Retail prices in Istanbul rises 11 percent
- Log in to post comments
Central Bank lifts 2022 inflation forecast to 42.8 pct
Turkey's Central Bank has lifted its annual consumer price inflation forecast for 2022 from 23.2 percent three months ago to 42.8 percent.
The bank, which unveiled its quarterly inflation report yesterday, said it also revised upwards its end-2023 forecast from a previous 8.2 percent to 23.2 percent. It expects the annual inflation rate to ease to 8.3 percent at the end of 2024.
The wager of new bond issues
The P.D.M.A. is waiting for a positive signal to take the new step for a new bond issue. That might be given by Standard and Poor's (S&P) today, Good Friday.
- Read more about The wager of new bond issues
- Log in to post comments
Exporters to benefit from loan package: Minister
Businesses that earn revenues in foreign currencies, particularly exporters and tourism companies, will be granted cheap loans, Treasury and Finance Minister Nureddin Nebati said at a meeting in the Black Sea province of Samsun on April 15.
- Read more about Exporters to benefit from loan package: Minister
- Log in to post comments
Gov’t determined in its fight against inflation: Minister
The government is determined to lower inflation permanently and is taking steps in that direction, Treasury and Finance Minister Nureddin Nebati has said.
He noted that the annual inflation rate came in at 61 percent in March, but inflation will ease to more reasonable levels toward the end of the year.
Banks: Seven-year record with 1 billion euro mortgage deals in 2021
Housing loans in 2021 made an impressive finale with the amounts of the loan agreements signed in December reaching a high of 7.5 years, with an annual increase of 100%.
According to the official data of the Bank of Greece, the new financing that was contracted in the last month of last year, approached 160 million euros.