Turkey Interest Rate RiseNovember 2023
The Turkish central bank raised on November 23, 2023 the interest rate from 35% to 40%, the second rise within one month.
The preliminary forecast was a rise of only 2.5%.
On annual basis the inflation in Turkey rises to 61%.
In previous months the interest rate rose in September 2023 from 25% to 30% and in October 2023 from 30% to 35%.
Turkey Interest Rate RiseSeptember 2023
The Turkish central bank raised on September 21, 2023 the interest rate from previous 25% to 30%, the highest rate in the last 20 years.
The rise follows high inflation rates in the last months exceeding the previous forecasts.
The inflation rate in Turkey was 38% in June 2023, 48% in July and 59% in August.
Turkey Interest Rate RiseJune 2023
The Turkish central bank raised on June 22, 2023 the interest rate from previous 8.5% to 15%, the first rise since March 2021.
The rise is a dramatic reverse economic policy following the appointment of a new finance minister and a head of the central bank.
The rise is aimed to fight the high inflation in Turkey, 39.5% in previous month.
Turkey Inflation RateMay 2022
The inflation rate in April 2022 reached 69.97% on annual basis, the highest rate since February 2002 and the 11th consecutive rise.
The preliminary forecast of the annual inflation was only 68%.
The rise is mainly due to the war in Ukraine and the soaring energy and goods prices.
Turkey Interest CutSeptember 2021
The Turkish central bank unexpectedly cut the short term interest rate on September 23, 2021 from the previous rate of 19% to 18%.
The cut came as a surprised to the majority of analysts who expected that the interest rate will remain steady.
The Turkish inflation reached 19.25% in August 2021.
Turkey EconomySeptember 2020
The Turkish statistical office reported on August 31, 2020 that the Turkish economy contracted by 9.9% in the second quarter of 2020 compared to the same quarter in 2019.
Compared to the first quarter of 2020 the economy contracted by 11%.
Turkey Interest Rate CutDecember 2019
The Turkish central bank cut on December 12, 2019 the interest rate by 2%, from 14 % to 12%.
The cut follows the previous interest rate cut in October when the rate was cut from 16.5% to 14%.
The latest 2% cut surprised the analysts who expected a moderate 1.5% cut to only 12.5%.
Turkey Interest Rate CutOctober 2019
The Turkish central bank cut on October 24,2019 the interest rate by 2.5%, from 16.5% to 14%.
The market forecast was for a more moderate cut to only 15.5%.
The cut follows the lifting of the U.S. sanctions on Turkey.
It should be noted that the interest rate in July 2019 was 24%.
Turkey Credit Rating DowngradeJune 2019
The credit rating agency Moody's downgraded on June 15, 2019 Turkey's credit rating from Ba3 to B1 due to its payment crisis and the government deficit.
The previous downgrade by Moody's was in last August from Ba2 to Ba3.
Turkey September InflationOctober 2018
The Turkish statistical office reported on October 3, 2018 that the consumer prices in September 2018 were higher by 24.52% compared to September 2017, the highest rise since August 2003.
In September 2018 the inflation rose by 6.3% compared to a preliminary forecast of only 3.6%.
U.S. Turkey Trade WarAugust 2018
The U.S. announced on August 10, 2018 its intention to double the tariffs on imports Of aluminum and steel from Turkey.
The new tariffs will be now 20% on aluminum and 50% on steel.
Turkey Interest RiseMay 2018
The Turkish central bank raised on May 23 the Turkish interest rate from previous 13.5% rate to 16.5% in order to stabilize the drop of the Turkish currency.
From the beginning of this year The Turkish currency dropped by 15.3% compared to the U.S. dollar.
Turkey Japan Nuclear Plant DealMay 2013
Turkey signed on May 3 a $ 22 billion deal with a Japanese French consortium to build Turkey's second nuclear plant in the city of Sinop along the black sea.
Turkey 1.8% GDP GrowthSeptember 2012
According to a release by OECD published on September 13, 2012 the GDP in Turkey grew in the second quarter of 2012 by 1.8% compared to a decrease of 0.1% in the first quarter of 2012.
The Turkish grows of 1.8% equals the 1.8% growth of China in the second quarter of 2012, compared to a growth of 1.6% in the first quarter.
Turkey Credit Rating DowngradeMay 2012
The credit rating agency S&P downgraded on May 3, 2012 Turkey's long term rating from positive to stable expressing concern about the Turkish government debt.
The Turkish prime minister Mr. Erdogan reacted angrily to S&P's downgrade, "From now on we do not recognize you as a credit rating agency anymore".
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