Günlük Türkiye

28/07/2023

26/07/2023

Türkiye's Central Bank Implements New Measures for Monetary Tightening Drive:

On Tuesday, the Central Bank of the Republic of Türkiye (CBRT) introduced a series of measures to support its monetary tightening efforts. These moves aim to reduce public deficits and lower inflation, as stated by the country's finance chief.

These measures were implemented shortly after the CBRT reduced its benchmark policy rate by 250 basis points to 17.5%, the highest rate since October 2021, and pledged further tightening.

To support the tightening drive, the central bank raised the maximum interest rate on credit card cash usage and overdraft accounts to 2.89%, up from the previous 1.91%. This increase is designed to control inflation and balance domestic demand.

According to Treasury and Finance Minister Mehmet Şimşek, these decisions are part of a broader effort to improve Türkiye's balance of payments, reduce public deficits, and curb inflation in the medium term. The minister emphasized the country's commitment to channel limited resources into exports and investments.

Under the leadership of Governor Hafize Gaye Erkan, the central bank has raised its one-week repo rate by 9 percentage points in two monetary policy meetings. This marks a shift from previous easing policies that saw official borrowing costs reduced from 19% to 8.5% since 2021.

The new governor's appointment, along with Minister Şimşek's, signaled a shift away from monetary stimulus policies. Instead, the focus is on implementing interest rate hikes to combat inflation, stabilize the Turkish lira's volatility, and rebuild foreign exchange reserves.

While the recent interest rate hike was lower than expected, economists anticipate a surge in inflation by year-end due to the lira's depreciation and various tax increases.

Looking ahead, Governor Erkan is set to announce her first inflation report on Thursday, with the current year-end inflation projection standing at 22.3%.

As part of the policy simplification process, the central bank set the monthly growth limit for lira commercial loans at 2.5%, down from 3%, excluding export, investment, and agriculture loans.

Other measures include a reserve requirement ratio of 15% on foreign exchange-protected accounts, setting the growth limit for vehicle loans at 2%, and keeping the 3% limit for general-purpose loans unchanged.

To support exporters' access to financing, the daily limit for rediscount credits was raised to TL 1.5 billion ($56 million).

Despite these measures, the Turkish lira remains near a record low against the dollar, having weakened by 30% so far this year.

26/07/2023

Get ready for scorching temperatures in Türkiye this Wednesday! Unprecedented heat waves will hit the southern and western provinces, posing risks to human health. The blistering heatwave is also fueling devastating forest fires and accelerating the melting of ice glaciers. This summer has been particularly intense, with temperatures soaring up to 47 degrees Celsius (116.6 Fahrenheit) on multiple occasions. Stay safe and take necessary precautions during this extreme heat!

25/07/2023

A magnitude 5.5 earthquake recently hit the southern Turkish province of Adana, happening approximately six months after the tragic earthquakes that claimed more than 50,000 lives in both Turkey and Syria.

The earthquake occurred at 8 am local time (05:44 GMT) on a Tuesday. The Kandilli earthquake monitoring center in Istanbul reported that its epicenter was in the district of Kozan, situated about 64 km (40 miles) from the city of Adana and close to the Syrian border.

25/07/2023

Türkiye's defense manufacturers have accomplished unprecedented shipments during the initial half of the year, while the country's president emphasizes the anticipation of sustained momentum, aiming to reach an all-time high by the conclusion of 2023.

In a video message addressed to the 16th International Defense Industry Fair (IDEF) 2023, President Recep Tayyip Erdoğan announced, "We have achieved a record export value of $2.37 billion in the first six months of this year. Our target for 2023 is set at $6 billion."

24/07/2023

Günlük Türkiye

24/07/2023

📰 Merhaba ve Hoş Geldiniz! 📰

Türkiye'nin en güncel ve güvenilir haber kaynağı olarak, hepinizi burada ağırlamaktan mutluluk duyuyoruz! Biz, Günlük Türkiye, haber dünyasında sizlere en güncel bilgileri sunmayı hedefliyoruz.

Siyasetten ekonomiye, kültürden spora kadar her alanda önemli olayları ve haberleri tarafsız bir şekilde sizlere iletmek için buradayız. Amacımız, doğru ve güvenilir içeriklerle sizi bilgilendirmek ve haberlere kolayca ulaşmanızı sağlamak.

Haberleri takip ederken bizi seçtiğiniz için teşekkür ederiz! Unutmayın, Günlük Türkiye ile haberlere dair en güncel ve detaylı bilgiler her zaman parmaklarınızın ucunda olacak.

🗞️ Haberleri takip etmeye hazır mısınız? Beğenin ve paylaşın, habersiz kalmayın! 🗞️