Turkey
NEMETHY: Is monetary tightening the cure for inflation?
The US Fed has not increased interest rates, just talked of increasing rates – not even by that much — and global stock exchanges lost $4.2 trillion in week. How can the Fed kill off the current high inflation without crashing the economy?
Turkey exempts pharma, meat and milk industries from gas cuts but country's energy crisis snowballing
Rolling power restrictions applied to factories. Situation worse than what was seen during Turkish balance of payments crisis at end of 1970s.
ISTANBUL BLOG: Erdogan holds rates. Don’t get excited
The devil remains in the detail. Regime is not simply weak in the economics, it is also cold to the accounting.
RIMMER: Turkey - Let nothing astonish you
Given the regularity with which they manifest, it’s astonishing the Turkish language has no phrase equivalent to ‘nightmare scenario’. They should think about coining one, sooner rather than later, though, because another one is looming.
BlackRock catches Turkish gaming fever as Dream and Spyke announce spectacular deals
Istanbul’s mobile games developer Dream Games raises $255mn in Series C funding round, which valued enterprise at $2.75bn. Largest asset manager in the world joined the investors.
Mocked as the ‘Nebati Comet’, Turkey’s finance minister is accused of baffling the markets
Interviewer who asked Erdogan loyalist to put a number on an economic target is told, "Can you look into my eyes? What do you see?... The economy is the sparkle in the eyes."
Turkey-Armenia talks seen as key to opening up regional transit links
Yerevan will not countenance the adoption by Ankara of any of Baku’s hardline demands as a necessity for any opening of the border.
Erdogan’s popularity rating sinks amid Turkey’s economic turmoil
Poll also shows three potential presidential rivals more admired than ruler of 19 years.
bneGREEN: NDCs need to be rapidly improved to get near 1.5°C target
Current Nationally Determined Contributions (NDCs) are nowhere near enough to keep global warming within the 1.5°C target
OUTLOOK: 2022 Turkey
Nation has entered another phase in its ongoing collapse in all fields.
PMI data shows Turkey’s manufacturing hit by intense inflationary pressure in December
Sector suffers record rises in input costs and selling prices.
Turkey ‘heading for three-digit inflation’
Official end-of-year measure shows 36% but unofficial assessment calculates 83% amid country’s economic crisis.
ISTANBUL BLOG: Lira through the looking glass
Erdogan goes through contortions in attempt to stop currency depreciation without introducing a rate hike. There are now even worries his latest moves could spark a bank run.
Erdogan follows latest ‘unbelievable’ rate cut with 50% boost to Turkey’s minimum wage
Analysts warn that amid lira crisis move to hike Turks’ earnings could add to rampant inflation. Market fears hyperinflation will take hold.
ISTANBUL BLOG: Don’t bet for or against another rate hike in early 2022. Leave it to Erdogan
Finance industry just cannot come to terms with the fact that there is a strongman at the helm running an economic experiment conventional economists have described as outright lunacy.
Academic close to Erdogan says Turkey should prepare for state of emergency due to economic crisis
Professor walks back comments but fears circulate that move could be made to prepare for a sudden and unjust snap election.
Crisis-hit Turkish lira takes high-volatility rollercoaster ride featuring new all-time low
Day saw a stomach-churning descent of 7%.
NEMETHY: Can the Fed engineer a soft landing?
If th tightens too far too fast (e.g. tapers bond purchases and hikes rates), stock and bond markets will crash; if it allows the current exceedingly loose monetary policy to prevail, inflation may careen out of control. What will it do?
Gap between Tether/TRY and USD/TRY pairs widening as Turkey intervenes in interbank market
Critics say the discourse the Erdogan regime is coming up with to explain anomalies in the market is becoming more and more hilarious.
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Grim plights in Belarus and Turkey underlined as Committee to Protect Journalists reports “especially bleak year” worldwide
Prison census finds number of journalists jailed around the world in 2021 hit a new record.
