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
ISTANBUL: Turkey’s currency crisis turned increasingly political on Thursday after a top minister urged citizens to sue economists who comment on social media about the lira’s slide. Finance Minister Nureddin Nebati’s unusual remarks late Wednesday followed the banking regulator’s decision to file complaints against more than 20 people, including a former central bank governor, over … Read more
ISTANBUL — Turkish President Recep Tayyip Erdogan met Monday with the central bank governor, finance minister, and heads of state-owned banks after the Turkish currency hit a new record low against the U.S. dollar. The meeting was held behind closed doors at the Vahdettin Palace in the country’s financial hub Istanbul. The lira plummeted to … Read more
ISTANBUL – The Turkish lira plunged to record lows against the dollar on Tuesday after President Recep Tayyip Erdogan said policymakers have no appetite to hike interest rates in response to the currency’s fall. The currency fell by 13 percent to almost 13 lira against the dollar. Turkey is facing the worst currency crisis since … Read more
