The lira fell 2% against the dollar and was trading at 17.1 in the afternoon. President Erdogan has insisted on cutting interest rates despite rising inflation. The Turkish economy has been in free fall since last year. The Turkish currency fell more against the dollar on Wednesday, increasing pressure on President Recep Tayyip Erdogan’s government, … Read more
ANKARA: Gold has a central place in Turkish customs from birth to weddings. As the country is battling economic woes and low foreign currency reserves, the authorities want to draw the yellow metal stored by citizens into the banking system. As Turkey’s annual inflation surged to a two-decade high of 48.7 per cent in January, … Read more
KAMPALA – Seven people died after a lorry they were travelling in lost control and overturned in the northern Uganda district of Lira on Monday. According to the Police, the incident happened on Monday night as vendors were returning from a market outside Lira City. Patrick Jimmy Okema, the police spokesperson for Aswa River region, … Read more
ANKARA: Turkey’s consumer prices have soared by the highest rate since 2002, further undermining President Recep Tayyip Erdogan’s unorthodox battle for his developing country’s “economic independence”. Analysts attribute the jump of the official reading to 36.1 per cent last month to the surging cost of imports, which range from energy to many of the raw … Read more
ANKARA: The Turkish parliament on late Wednesday passed a law increasing fines for stockpiling in the face of the sharp fluctuations in the prices of goods in Turkey as the annual inflation has soared to a 19-year high. The law envisages imposing higher fines between 100,000 Turkish Liras (around $7,334) and 2 million Turkish Liras … Read more
Turkey added to inflation pressure on Saturday by raising household electricity and natural gas tariffs substantially, citing the surge in global energy prices, Bloomberg reported. The cost of electricity will soar as much as 130 per cent for some households, the Haberturk newspaper estimated, as the country switches to a graduated tariff system. The moves could … Read more
EDIRNE: The sea of Bulgarian buses parked outside a market in Turkey’s historic city of Edirne betrays the scale of the currency crisis impeding President Recep Tayyip Erdogan’s path to a third decade of rule. The mosque-filled city on Turkey’s western edge was an early capital of the Ottoman Empire when it was expanding across the … Read more
ISTANBUL: Turkey’s troubled lira nosedived on Monday after President Recep Tayyip Erdogan justify not to raise the interest rates to stabilise the currency. Erdogan has pushed the central bank to sharply lower borrowing costs, despite the annual rate of inflation soaring to more than 20 per cent. Economists believe the policy could see consumer price increases … Read more
ISTANBUL: The Turkish lira on Thursday hit fresh lows after the central bank fired the latest salvo in President Recep Tayyip Erdogan’s “economic war of independence” by cutting interest rates for the fourth successive month. The reduction of the main rate to 14 per cent from 15 per cent comes in face of an annual inflation … Read more
ISTANBUL — Turkey’s construction sector has been the backbone of the country’s growth for the past two decades, but the sharp decline of the national currency has hit the sector hard amid soaring costs, industry professionals said. The sector, which accounts for about six percent of the overall gross domestic product (GDP) and employs nearly … Read more
ANKARA: Turkey’s Central Bank meeting on Thursday was held amid heated debates about the high interest rates and the continued depreciation of the Turkish lira against foreign currencies, Arab News reported. As expected, the central bank cut rates by another 100bps, which sent the lira plummeting to a new record low. On Wednesday, Turkish President Recep Tayyip … Read more
ANKARA:Turkey’s central bank cut its main interest rate on Thursday after months of pressure from President Recep Tayyip Erdogan for it to lower rates. The Turkish lira lost over 1.4 per cent in value against the US dollar after the bank announced it was cutting the one-week repo rate to 18 per cent from 19 … Read more
