Monetary policy
Annual inflation rate slows to 50.5 percent in March
Türkiye's annual inflation rate eased from 55.1 percent in February to 50.5 percent in March, data from the Turkish Statistical Institute (TÜİK) have shown.
The inflation rate slowed for a fifth consecutive month from a high of 85.5 percent in October 2022.
Good time for deposits in banks
This is a good period for decisions on savings, as the yields time deposits offer today range between 1%-2%, depending on the duration and amount. They have incorporated the rise in interest rates and therefore no more aggressive moves are expected in the near future.
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Housing scheme gets under way
The Public Employment Agency (DYPA)'s Spiti Mou (My Home) program is set to launch on Monday with the participation of all systemic banks. The program foresees 5,000 loans being taken out by young people and couples aged 25 to 39, with the interest rate limited to a quarter of the normal market rate. If a couple has three or more children, the interest rate will be zero.
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Europe’s inflation eases to 6.9% as energy falls but food up
Inflation in the 20 countries that use the euro currency slowed to the lowest level in a year as energy prices dropped, but food costs were still on the rise, keeping pressure on the European Central Bank to hike interest rates further.
Fed raises key rate by quarter-point despite bank turmoil
The Federal Reserve extended its year-long fight against high inflation on March 22 by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
Central Bank keeps policy rate unchanged
Türkiye's Central Bank on March 23 kept its key policy rate unchanged after lowering it in February.
The bank kept its policy rate stable at 8.5 percent after cutting it by 50 basis points in February in order to support economic activity in the aftermath of the earthquakes that hit the south of the country.
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UK inflation unexpectedly accelerates to 10.4 pct
British annual inflation unexpectedly accelerated in February despite central bank efforts to tame a growing cost-of-living crisis, official data showed yesterday.
The Consumer Prices Index (CPI) rose by 10.4 percent in the 12 months to February 2023, up from 10.1 percent in January, the Office for National Statistics said.
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The global banking crisis and the world economy
The banking crisis that hit Silicon Valley Bank (SVB) last week has spread. We recall with a shudder two recent financial contagions: the 1997 Asian Financial Crisis, which led to a deep Asian recession, and the 2008 Great Recession, which led to a global downturn.
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ECB Raised the Interest Rates to 3.5% - Highest since 2008
The European Central Bank today raised the key interest rate by 50 basis points to 3.5%, the highest level since 2008, and did not comment on what its future steps might be to control inflation.
ECB raises rates as planned despite banking turmoil
The European Central Bank raised interest rates by 50 basis points on Thursday as promised, ignoring financial market chaos and calls by investors to dial back policy tightening at least until sentiment stabilizes.