Public finance

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.

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.

The Central Bank has said that under the inflation targeting regime, the medium-term inflation target of 5 percent set jointly with the government has been maintained.

Washington – Global economy is in trouble, but given the circumstances Slovenia is in a relatively good financial and economic shape, Finance Minister Klemen Boštjančič and Banka Slovenije Governor Boštjan Vasle said at the end of the a meeting of the IMF and World Bank in Washington, US. The talks focussed on inflation.

Ljubljana – The government has formally initiated a revision of this year’s national budget by triggering provision of the act on public finances that allows it to temporarily suspend the implementation of expenditures. This will be followed by the drafting of a supplementary budget.

The United States and the European Union can avoid recession and achieve a soft landing by bringing inflation down to an acceptable level, a U.S. central bank official said on Aug. 2.

"A soft landing is feasible in the U.S. and the EA [euro area]," St Louis Federal Reserve President James Bullard during a speech at New York university.

Finding the right monetary policy response to tackle soaring inflation is an "art," European Central Bank President Christine Lagarde has said.

"It is not a science," Lagarde said on June 29 at a panel at the ECB's annual central banking conference in Portugal.
"What we are doing there is an element of art," she said.

The Bank of Japan made an offer for unlimited government bond purchases yesterday, moving to curb a surge in long-term interest rates in the world's third-largest economy.

The Central Bank of Turkey has announced that it will hold an extraordinary general meeting on Feb. 3.

The advance payment of from the bank's 2021 profits to the shareholders and the distribution of reserve funds will be discussed at the meeting next month. The Treasury owns almost all shares o the Central Bank.

Cultural expenditures in Turkey increased by 5.9 percent compared to the previous year, reaching 60.3 billion Turkish Liras ($4.46 billion), the Turkish Statistical Institute (TÜİK) said on Dec. 1.