Turkish currency and debt crisis

The wages of active and retired public servants will be increased by 25%, Turkey's President Tayyip Erdogan said on Tuesday, after annual inflation fell to around 64% due to base effects.

Speaking at an event in Ankara, Erdogan said the government saw inflation, which hit to its 24-year-high in October, falling further in 2023. [Reuters]

Türkiye has reached its highest export figures ever in 2022 with $254.2 billion despite the global challenges, President Recep Tayyip Erdoğan said on Jan. 2.

The consumer confidence index increased by 5.3 percent, rising from 72.4 in September to 76.2 in October, the Turkish Statistical Institute (TÜİK) has reported.

Consumer confidence improved for the fourth consecutive month in a row.

Any index figure above the 100-mark indicates optimism among consumers.

The Central Bank's Monetary Policy Committee is set to meet tomorrow to consider the key policy rate.

The meeting will take place after President Recep Tayyip Erdoğan said that interest rates should come down to single digits by the end of the year.

Türkiye's short-term external debt stock increased by 13.6 percent compared to the end of 2021 to stand at $138.1 billion at the end of August, the Central Bank has announced.

Over the said period, banks' short-term external debt stock rose by 8.2 percent to $55.6 billion and other sectors' short-term external debt stock increased by 15.4 percent to $50.9 billion.

Interest rate cuts will continue, President Recep Tayyip Erdoğan has vowed, calling on investors to benefit from cheaper loans being offered by state banks.

Retail prices in Istanbul increased by 2.3 percent in August from July, the Istanbul Chamber of Commerce (İTO) said yesterday.

Retail prices in the country's largest city rose by 99.1 percent last month from a year ago and by 64.9 percent from the end-2021.

The economic confidence index increased by 1 percent in August from July to 94.3, the Turkish Statistical Institute (TÜİK) has said. 

Any figure above the 100-mark indicates an optimistic outlook regarding the general economic situation.

The headline confidence index was down 0.2 percent month-on-month in July. 

Türkiye will release some key data this week, including GDP growth, foreign trade and the economic confidence index.

The Turkish Statistical Institute (TÜİK) will announce the growth figures for the second quarter on Aug. 31. The Turkish economy expanded 7.3 percent in January-March this year.

The photographs of the recent cordial meeting between Turkish President Recep Tayyip Erdogan and Vladimir Putin in Sochi reveal in themselves that there is a high level of understanding between the two autocrats.