Macroeconomics

Turkey's current account balance sees $4 bln gap in Nov

Turkey's current account balance posted a deficit of $4.06 billion in November 2020, the country's Central Bank revealed on Jan. 11. 

The 12-month rolling deficit thus reached $37.97 billion, the bank noted.

An Anadolu Agency survey last week showed that economists had expected a deficit of $3.4 billion.

Turkey’s Slow-Motion Economic Crisis

In November, President Recep Tayyip Erdogan appointed a new finance minister and central-bank governor. Subsequently, the country's monetary-policy framework underwent a long-overdue normalization (with a cumulative rate hike of 675 basis points in two months), and the lira regained 10% of its lost value by the end of the year.

Central Bank aware of its responsibility on inflation: Ağbal

The Turkish Central Bank is aware of its responsibility in reaching the medium-term inflation target of 5%, said Governor Naci Ağbal on Dec. 25.

The bank will implement all aspects of the inflation-targeting framework, he said at his presentation to the committee on planning and budget of the Grand National Assembly of Turkey.

Reforms an antidote for Covid, IMF’s Kammer tells Kathimerini

Alfred Kammer, director of the European Department at the International Monetary Fund, is calling on Greece to redouble its reform efforts to face the double challenge of the legacy of the austerity programs and the coronavirus pandemic. He is careful to note that the necessary reforms include the increased funding of well-targeted social protection.

Annual inflation rate, down to 2.1% in November

The annual inflation rate fell to 2.1% in November this year, from 2.2% in October, given that food prices rose by 3.81%, services by 2.77%, and non-food goods by 0.78%, according to data the National Institute of Statistics (INS) published on Friday. "Consumer prices in November 2020 compared to November 2019 increased by 2.1%.

Turkey's current account balance sees $273 mln gap in October

Turkey's current account balance posted a deficit of $273 million in October, bringing 12-month rolling deficit to $33.79 billion, the Turkish Central Bank revealed on Dec. 11. 

The figure was a $2.74-billion surplus in the same month last year, while it was down from $1.8 billion deficit previous month, the bank said.

Turkey's annual inflation rate at 14.03% in November

Turkey posted a 14.03% annual hike in consumer prices in November, the country's statistical authority said on Dec. 3. 

Annual inflation rate rose 2.14 percentage points in November, up from 11.89% in October, according to the Turkish Statistical Institute (TÜİK).

The consumer price index saw a 2.30% monthly increase, it added.

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