Monetary policy
More price hikes on the way
Over one in five small and medium-sized enterprises plans to raise their prices of goods or services in the second half of 2023, showing that inflationary pressures will continue for some time to come.
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Erdoğan fully supports economic program: Şimşek
President Recep Tayyip Erdoğan has given his "full" support to the new economic policy, Treasury and Finance Minister Mehmet Şimşek has said.
Şimşek and Central Bank Governor Hafize Gaye Erkan met with journalists at a briefing on the government's new medium-term program in the capital Ankara.
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Annual inflation rate accelerates to 58.9 percent
Consumer prices rose more than expected in August, bringing the annual inflation rate from 47.8 percent in July to 58.9 percent, according to data from the Turkish Statistical Institute (TÜİK).
"We are absolutely determined to fight inflation," Treasury and Finance Minister Mehmet Şimşek said after TÜİK released the data on Sept. 4.
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Interest rates set to rise further
Rising interest rates have put loan takers, from consumers to governments, in a bind, with many having taken out loans at interbank rates in the red, as they were for eight successive years in the EU.
Successive rounds of rate increases by central banks have unavoidably affected commercial loan rates.
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Price stability 'top priority,' says economy board
Establishing price stability remains the top priority for the government, read a statement released after a meeting of the Economy Coordination board, adding that members of the board also discussed details of the key medium-term program to be announced later this year.
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Turkish Central Bank raises policy rate 750 basis points to 25%
Türkiye's Central Bank has hiked its policy rate from 17.5 percent to 25 percent, delivering on its promise of tightening.
The bank lifted the policy rate, the one-week repo rate, for a third month in a row after Hafize Gaye Erkan was appointed its governor in June.
Most economists had expected the bank to deliver a 250 bps rate hike to 20 percent.
Traders await Fed’s Jackson Hole conference
Traders in markets are looking ahead to the Federal Reserve's summer conference for signs of whether the U.S. central bank thinks inflation is under control or more interest rate hikes are needed to cool inflation.
Fed officials have used the Jackson Hole, Wyoming, conference in previous years to indicate changes in policy direction.
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Inflation expectations for 2023 rise: Survey
Inflation expectations for 2023 and 2024 have increased in August, the Central Bank's regular survey has shown.
Participants of the survey revised upwards their end-2023 inflation expectations from 43.8 percent to 59.07 percent. They also lifted their forecast for the 12-month ahead inflation from a previous 33.3 percent to 42.1 percent.
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Serious Concerns Over Yuan in China
The largest Chinese state banks were busy this week selling US dollars for yuan, both in onshore and offshore foreign exchange markets, to slow down the depreciation of the yuan. While they also trade on their own behalf or to fulfill client orders, state banks often act on the central bank's instructions when the yuan is under pressure, as is the case currently.
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UK inflation falls to 17-month low
The rate of inflation in the U.K. fell sharply in July to a 17-month low largely on the back of lower energy prices, official figures showed yesterday, a welcome development for hard-pressed households struggling during the cost of living crisis.
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