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.

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.

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.

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.

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.

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