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ENAG inflation research group contends headline figure was 109% y/y, up from April calculation of 105% y/y.
Turkey is getting a ready for an unprecedented invasion of about 7mn Russian tourists this summer in the wake of Recep Tayyip Erdogan’s re-election as president.
Benchmarks are painfully high as SOFR remains above the 5%-level, compared to the 0.05% seen in October 2021, while 12-month Euribor is testing the 4%-level, compared to the minus 0.5% recorded in October 2021.
Input costs and selling prices, however, continued to rise amid reports of currency weakness.
The authorities suffer from a case of misplaced priorities in thinking about the future. This and more in this week's Eurasianet Akhal-Teke Bulletin.
Investors may be encouraged that start could be made on fixing Turkey’s collapsing economy if former finance minister returns to the cabinet. The lira, meanwhile, is back on the slide.
Prospect of removing the Erdogan regime at the ballot box appears to have gone for ever.
Detractors have long argued he was the wrong man to take the fight to Erdogan, but he’s yet to hint that he’ll quit as leader of the opposition following the weekend election defeat.
The failure of the Nation Alliance under optimal conditions shows that 'big tent' coalitions under a single list often do not succeed in extending the opposition's reach.
As strongman defies the odds to hold on to power, jailed opponent Demirtas warns “a huge operational force has taken over the state”.
As official results announced, challenger Kemal Kilicdaroglu gives fiery speech calling for fight against authoritarian regime and for a true democracy.
Efforts to detect ballot box anomalies also hindered by block put on access to 2018 data. Situation revealed ahead of May 28 presidential run-off.
Flashing red lights on lira, sky-high inflation, dwindling FX reserves and soaring cost of insuring debt against default. A currency crisis could be around the corner.
As lira trades just below 20/$ in the interbank market, rate at the Istanbul Grand Bazaar hovers in the 21s.
New wave of disillusioned young Turks looks set to abandon country if strongman is re-elected on May 28.
With little expectation strongman Erdogan will be toppled in May 28 run-off vote, markets guard against economic calamity.
Lira hits latest record low and cost of insuring debt soars. New data, meanwhile, shows central bank burnt through $17bn in weeks before polls attempting to prop up economy.
Reports indicate Erdogan challenger Kilicdaroglu wants tighter operation against ballot box fraud.
In Turkish elections there is a thievery margin. Everybody knows it.