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and stay Turkey Interest rates have been stable since the beginning of the year, despite accelerating rates inflation Which reached 78.6 percent last June, the highest level since 1998 (about a quarter of a century). Contrary to classical economic theories, Erdogan believes that high interest rates increase inflation.
Ultra-loose monetary policies, high food and energy costs, have led to an increase in inflation in Turkey, and a severely weak currency, which has fallen this year by about 25 percent, after it fell 44 percent last year following unconventional interest rate cuts, to become one of the worst-performing currencies in the markets. emerging.
Wetstord Turkey Almost all of its energy needs, which makes it vulnerable to large price fluctuations, especially after the Russian-Ukrainian crisis, which threatens Ankara’s new economic program, which aims to address high inflation.
The high cost of energy import increased Turkey’s trade balance deficit by 184 percent in June on an annual basis, bringing the total deficit in the first half of the year to 142.5 percent.
General inflation has become weak lira One of the factors that annoys President Recep Tayyip Erdogan ahead of elections scheduled for mid-2023, and opinion polls show a decline in his popularity and that of his AKP due to economic pressures.
announced Erdogan At the beginning of this month, the government announced an increase in the minimum wage, in an attempt to improve the lives of Turks who are facing a surge in prices. This is the first time that wages have been raised in Turkey in the middle of the year in six years.
Erdogan said Turkey’s net minimum monthly salary would rise by 29 percent to 5,500 lira ($328), and Turkey had raised the minimum wage by 50.5 percent last January.
According to the data of the Social Security Institution in Turkey, more than 40 percent of workers in the country receive the minimum wage.
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and stay Turkey Interest rates have been stable since the beginning of the year, despite accelerating rates inflation Which reached 78.6 percent last June, the highest level since 1998 (about a quarter of a century). Contrary to classical economic theories, Erdogan believes that high interest rates increase inflation.
Ultra-loose monetary policies, high food and energy costs, have led to an increase in inflation in Turkey, and a severely weak currency, which has fallen this year by about 25 percent, after it fell 44 percent last year following unconventional interest rate cuts, to become one of the worst-performing currencies in the markets. emerging.
Wetstord Turkey Almost all of its energy needs, which makes it vulnerable to large price fluctuations, especially after the Russian-Ukrainian crisis, which threatens Ankara’s new economic program, which aims to address high inflation.
The high cost of energy import increased Turkey’s trade balance deficit by 184 percent in June on an annual basis, bringing the total deficit in the first half of the year to 142.5 percent.
General inflation has become weak lira One of the factors that annoys President Recep Tayyip Erdogan ahead of elections scheduled for mid-2023, and opinion polls show a decline in his popularity and that of his AKP due to economic pressures.
announced Erdogan At the beginning of this month, the government announced an increase in the minimum wage, in an attempt to improve the lives of Turks who are facing a surge in prices. This is the first time that wages have been raised in Turkey in the middle of the year in six years.
Erdogan said Turkey’s net minimum monthly salary would rise by 29 percent to 5,500 lira ($328), and Turkey had raised the minimum wage by 50.5 percent last January.
According to the data of the Social Security Institution in Turkey, more than 40 percent of workers in the country receive the minimum wage.