Turkey

2022 - 6 - 3

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Turkey's annual inflation soars to highest since 1998 (Reuters)

Turkey's annual inflation rate jumped to a 24-year high of 73.5% in May, fuelled by the war in Ukraine, rising energy prices and a tumbling lira -- though ...

The median estimate for inflation at year-end stands at 63%, up from 52% in last month's poll. Register now for FREE unlimited access to Reuters.com Nevertheless, the consensus forecast was for annual inflation to rise to 76.55%. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com

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Turkey's inflation soars to 73%, a 23-year high, as food and energy ... (CNBC)

Economic analysts expect Turkey's inflation will only get worse as the country grapples with President Erdogan's unorthodox strategy on monetary policy.

Looks as if Erdogan has lost his last econ credibility," Holger Zschapitz, finance editor at German daily Die Welt, wrote on Twitter. "Erdogan's unorthodox strategy for managing the country's $790bn econ continued to backfire," he wrote in another tweet. The Turkish president vowed to deliver a new economic model that would bring about a boom in export wealth thanks to a cheaper lira, and then tackle inflation by getting rid of Turkey's longtime trade deficit. Erdogan instructed the country's central bank — which analysts say has no independence from him — to repeatedly slash borrowing rates last year even as inflation continued to rise.

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Image courtesy of "Bloomberg"

Turkey Takes Aim at Lira Short Selling by Focusing on Niche Debt (Bloomberg)

Turkey is planning to restrict purchases by domestic investors of new lira bonds sold by multinational lenders, the latest effort to curb short selling of ...

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Data puts Turkey's annual inflation at 73.5%, a 24-year high (WOKV)

While many countries are seeing rising consumer prices, critics blame Turkey's problems on President Recep Tayyip Erdogan's economic policies. The Turkish ...

Consumer prices were up nearly 3% from April, the institute reported. The sharpest increases in annual prices were in the transportation sector, at 107.6%, followed by food and non-alcoholic drinks prices at 91.6%, according to the statistical institute's data. ANKARA, Turkey — (AP) — Annual inflation in Turkey hit 73.5% in May, the highest rate since 1998, according to official data released Friday as a cost-of-living crisis in the country deepens.

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Image courtesy of "Financial Times"

Turkish inflation hits 23-year high (Financial Times)

Turkey's official inflation rate hit a 23-year high last month as President Recep Tayyip Erdoğan's unorthodox strategy for managing the country's $790bn ...

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Turkish Inflation Reaches Fastest Since 1998 With Surge Past 73% (Bloomberg)

Turkish inflation has been in double digits for much of the past half-decade as authorities prioritized economic growth and exports. President Recep Tayyip ...

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Turkey's annual inflation spirals to 24-year high at 73% (WION)

With elections around the corner in June 2023, the opposition and many economists have accused the national statistics agency of deliberately ...

With elections around the corner in June 2023, the opposition and many economists have accused the national statistics agency of deliberately underestimating the magnitude of inflation. With elections around the corner in June 2023, the opposition and many economists have accused the national statistics agency of deliberately underestimating the magnitude of inflation Turkey’s annual inflation rate hit a 24-year high of 73 per cent in May, data revealed on Friday, as the country battles Russia-Ukraine war-induced inflation, high energy prices and a tumbling lira that has not recovered since December last year.

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Red Sea Rendezvous Is Latest Narrowing in Egypt-Turkey Rift (Bloomberg)

Turkey's push to reset its relations with Arab neighbors arrived in Egypt, with the first ministerial-level visit to the pivotal Mideast nation since a ...

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Turkey's inflation rate hits 73.5 percent (POLITICO.eu)

Food and transportation are among the hardest-hit sectors. TURKEY-ECONOMY-CURRENCY-DOLLARS-FEATURE. Turkey's annual ...

President Recep Tayyip Erdoğan is particularly opposed to the measure, saying in late May: “Those who try to impose on us a link between the benchmark rate and inflation are either illiterates or traitors." Among the most affected sectors are transportation, where prices rose 107.6 percent year on year, and food, where costs increased by 91.6 percent, according to data from the Turkish Statistical Institute released Friday. It's Turkey's highest level of inflation since 1998, a year before the country adopted a comprehensive IMF-backed disinflation program.

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Image courtesy of "Business Standard"

Data puts Turkeys annual inflation rate at 73.5%, at a 24-year high (Business Standard)

Annual inflation in Turkey hit 73.5 per cent in May, the highest rate since 1998, according to official data released on Friday as a cost-of-living crisis ...

Consumer prices were up nearly three per cent from April, the institute reported. The sharpest increases in annual prices were in the transportation sector, at 107.6 per cent, followed by food and non-alcoholic drinks prices at 91.6 per cent, according to the statistical institute's data. The Turkish Statistical Institute said the rate represented an increase of almost 70 per cent from the month before.

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Why Turkey changed its name: populism, polls and a bird - CNN (CNN)

A man stands with a national flag as people visit the mausoleum of Mustafa Kemal Ataturk, the founder of modern Turkey, in Ankara on May 19.

The Kuwaiti embassy late on Thursday summoned the US charge d'affaires on the back of the embassy's "pro-gay rights post," the state-run Kuwait News Agency reported. "From exactly the day after that scandal happened to me, I just talked about cinema, I just thought that I am alive, and I need to work. #Pride2022 #YouAreIncluded," it said, referring to the US president. Ebrahimi fled Iran for France in 2006 after a "private video" of hers leaked, fearing arrest and lashings from judicial authorities, she said. "All human beings should be treated with respect and dignity and should be able to live without fear no matter who they are or whom they love," the embassy tweeted, in English and Arabic, on Thursday with an image of a pride flag. The timing of the name change is "crucial" to next year's elections, he said. The draft resolution will be in response to two reports obtained by CNN and given to IAEA member states on May 30, stating that Iran has yet to provide answers for unexplained nuclear activities at three undeclared sites. When Iranian actress Zar Amir Ebrahimi fled her country in 2006 due to a leaked tape, she thought her career was over. The White House on Thursday however took the rare step of recognizing the role played by MBS in extending a ceasefire in Yemen. However, Iran has not provided any evidence to support this explanation," the report stated. Polls from late last year show support for the ruling AK party at around 31-33% according to Reuters A similar attempt was made in the mid-1980s under Prime Minister Turgut Ozal but it never gained as much traction, he said.

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Image courtesy of "RFI"

Turkey officially changes its name to Türkiye at United Nations (RFI)

Turkey will henceforth be known as Türkiye at the United Nations, following a formal request from Ankara. President Erdogan has long pushed for using the ...

The name of the bird, turkey, does indeed hail from the country Turkey since guinea fowl – first imported to Europe via Turkey – were known as turkey-hens. State broadcaster TRT, which made the change as soon as it was announced last year, said that in addition to the bird connection, one of the meanings offered in the Cambridge English Dictionary was "something that fails badly" or "a stupid or silly person". Over the past few years, the country has sought to change the branding on its products from "made in Turkey" to "made in Türkiye". The latter will feature on all exported products.

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Image courtesy of "Daily Sabah"

Turkey officially changes name at UN to 'Türkiye' (Daily Sabah)

Turkey has told the United Nations that, at the behest of its president, it wishes from now on to be called 'Türkiye' in all languages, the United Nations.

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No more Turkey: Country officially renamed as 'Türkiye' (Globalnews.ca)

Turkish Foreign Minister Mevlut Cavusoglu sent a letter to the United Nations on Wednesday formally requesting that his country be referred to as “Türkiye."

In December, Erdogan ordered the use of “Türkiye” to better represent Turkish culture and values. Turkish Foreign Minister Mevlut Cavusoglu sent a letter to the United Nations on Wednesday formally requesting that his country be referred to as “Türkiye,” the state-run news agency reported. It was not clear whether the name, with a letter that doesn’t exist in the English alphabet, will catch on widely abroad.

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Turkey changes its official name to Türkiye (NPR)

The Turkish government is asking that the country be called by its Turkish name, a change which the United Nations has now adopted.

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Turkey officially changes name at UN to 'Turkiye' - Punch Newspapers (The Punch)

The day before, Turkish Foreign Minister Mevlut Cavasoglu had tweeted a photo of himself signing the letter, addressed to UN Secretary-General Antonio Guterres.

Over the past few years, the country has sought to change the branding on its products from “made in Turkey” to “made in Turkiye.” “With the letter I sent to the UN Secretary General today, we are registering our country’s name in foreign languages at the UN as ‘Turkiye,'” he wrote, including an umlaut over the “u”. Turkey has told the United Nations that, at the behest of its president, it wishes from now on to be called “Turkiye” in all languages, the UN announced Thursday.

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Turkey's inflation rate reaches 24-year-high of 73% (NHK WORLD)

Turkey's annual inflation rate soared to 73.5 percent in May, marking the highest since 1998. Figures released on Friday also show that transportation costs ...

The lira slumped sharply last year following a series of interest rate cuts by the central bank under President Recep Tayyip Erdogan's economic policy. But people are voicing their anger, saying inflation is actually higher than official data and that they cannot make ends meet. At the same time, Turkey's economy has been affected by the tumble of its currency.

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Turkey's threat to derail Swedish and Finnish NATO accession ... (Brookings Institution)

Turkey's opposition to Sweden and Finland joining the North Atlantic Treaty Organization (NATO) in the wake of Russia's war on Ukraine has elevated the ...

The U.S. and Europe could wait out their stormy relationship with Ankara until after the elections, but that banks on a far-from-certain Erdoğan defeat and the notion that it would result in an immediate change in Turkish foreign policy. It could signal to Ankara that the West is taking its concerns seriously, while also providing a space in which to find mutually beneficial outcomes for all stakeholders in the autonomous enclave. Europe, therefore, has sufficient leverage to condition its continued support for the YPG on the organization opening up political space for its local Kurdish rivals. There will be limited space to address Turkey’s status as a difficult NATO ally or Erdoğan’s combative engagement, and no space to revive the peace process with the PKK. The EU is by far Turkey’s largest trading partner: in 2020, 33.4% of Turkey’s imports came from the EU and 41.3% of the country’s exports went to the bloc. Putting Turkish responsibility for the current state of affairs to one side, the trans-Atlantic alliance is guilty of failing to establish forward-looking approaches to tumult in Turkey’s Middle Eastern neighborhood, opting instead for incoherent and reactive engagement that has put issues like the PKK conflict and broader Kurdish political questions on the back burner. Such dynamics could empower Europe to dial down tensions over NATO and address questions surrounding the future of the PKK’s relationship with the U.S.-led anti-IS coalition, within which a number of European countries are key players. Turkey’s conflict with the PKK has long complicated Turkey’s relations with the U.S. and its European allies. While Turkey may be using the Nordic NATO accession talks to receive Western backing for another campaign, it has a long record of carrying out cross-border incursions against the PKK and Erdoğan may also be trying to secure other concessions, including the lifting of embargoes on Turkey’s defense industry. Turkey’s opposition to Sweden and Finland joining the North Atlantic Treaty Organization (NATO) in the wake of Russia’s war on Ukraine has elevated the Kurdish question on the international stage. The result was a renewal of a domestic conflict that has taken on multiple transnational dimensions and produced untold humanitarian crises. But Ankara’s opposition to Swedish and Finnish accession, based on their refusal to extradite PKK members, as well as followers of the Islamic cleric Fethullah Gülen (whom Ankara accuses of instigating a 2016 coup attempt), highlights that the Kurdish question cannot be decoupled from Western security interests.

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Erdogan tells Stoltenberg Turkey's security concerns are just (Reuters)

President Tayyip Erdogan told NATO Secretary-General Jens Stoltenberg by phone that Turkey's security concerns regarding Sweden and Finland's membership ...

Sweden's Troubles with Turkey - Foreign Policy Research Institute (Foreign Policy Research Institute)

After abandoning a policy of neutrality, Sweden was expected to rapidly join NATO in time for the June 28 summit in Madrid. Instead, Turkey, a NATO member.

To discuss this issue, Aaron is joined by Dr. Paul Levin, the Director of Stockholm University Institute for Turkish Studies. To be the first to know about new episodes, please subscribe to our mailing list and follow us on Twitter @FPRI. After abandoning a policy of neutrality, Sweden was expected to rapidly join NATO in time for the June 28 summit in Madrid. Instead, Turkey, a NATO member since 1952, has blocked Sweden’s accession, demanding a series of concessions ranging from support for Turkish counter terror operations to extraditing Swedish citizens of Kurdish origin.

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Explained: Why Turkey now wants to be called Türkiye (The Indian Express)

The process of rebranding the country's name started last year. In December 2021, the country's president Recep Tayyip Erdogan issued a statement saying the “ ...

The government has started a major re-branding campaign, where “Made in Türkiye ‘ will feature on all exported products. The process of rebranding the country’s name started last year. Turkey will now be known as Türkiye at the United Nations, after the intergovernmental body agreed to a formal request for the name change from Ankara. The UN said it had received a request from Ankara this past week, and the change was made soon after.

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Centre to find out why Turkey rejected wheat | Mint (Livemint)

“A country has rejected Indian wheat and we have started investigating the matter. But preliminary investigation suggests that the export belonged to ITC, which ...

There is a price difference of ₹17 per kg, i.e. about a 39.5% discount to the international market. “The government needs to address structural issues and solve the problem. “The WTO SCM (subsidies and countervailing measures) agreement clearly says that you cannot block a country’s consignment without scientific proof. “There is a massive shortage of wheat globally, and we are getting queries regularly. “A country has rejected Indian wheat and we have started investigating the matter. ITC has sold the shipment to the Netherlands and the letter of credit (LC) also came from the Netherlands. Even ITC was not aware the shipment was due to be sent to Turkey," Goyal said.

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Turkeys concerns on Sweden, Finlands NATO bids legitimate ... (Business Standard)

Recep Tayyip Erdogan told NATO chief Jens Stoltenberg that Turkey's security concerns on Sweden and Finland's intention to join the alliance were based on "just ...

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