Turkey economy

Recep Tayyip Erdogan

Inserted 2 years ago

“Debate over interest rates has subsided significantly and exchange rates stabilized. Now it's time to pull inflation back to single digits.”

Aljazeera

Turkish President

17 Feb 2022 4 3

Erkan Kidak

Inserted 2 years ago

“Two prerequisites must be met for the working class in Turkey to revolt. The first of these is the decline in purchasing power, and the second is the weakening of their bosses and the government. As both prerequisites have been fulfilled, workers employed in different sectors all over Turkey have revolted. I think that the strike wave will continue in 2022, as inflation continues to increase and political instability manifests itself. I predict that 2022 will be characterised as the year of the strike in Turkey.”

Aljazeera

Research assistant at the Department of Labour Economics and Industrial Relations at Turkey’s Pamukkale University

15 Feb 2022 5 4

Canan Kaftancioglu

Inserted 2 years ago

“Politics is for serving the citizens and solving the problems of citizens. Unfortunately, the palace [of President Recep Tayyip Erdogan] forgot both the citizens and their problems. Citizens are imprisoned by poverty. The government continuously increases prices of almost everything, including electricity, gas, petroleum, taxes and fees. The high cost of living is making citizens poorer.”

Balkaninsight

Republican People's Party's provincial president in Istanbul

09 Feb 2022 8 3

Turan Sert

Inserted 2 years ago

“In the past it was dollarization, meaning in order to avoid fluctuations in their currency people kept their assets in dollars. Now the recent trend is being called cryptolization.”

Aljazeera

Adviser for Paribu, Turkey’s largest online crypto exchange

17 Jan 2022 4 3

Atilla Yesilada

Inserted 2 years ago

“We live with inflation in Turkey. The biggest components of what we spend money on are food, rent, and transportation, and these are the kind of prices the average consumer faces on a daily or monthly basis. So if you are lying to them, it's very obvious. It undermines trust in Erdogan and the AKP. Turkish public's perceptions of inflation can also drive prices higher. If people think inflation is close to 100 percent, anyone who has any bargaining ability, say in paying salaries or wages, or the prices they charge, pretends inflation is 100 percent. So going forward, that is a disastrous situation.”

Aljazeera

Investment analyst with Global Source Partners

07 Jan 2022 5 2

Omer Taspinar

Inserted 2 years ago

“Erdogan is already following election politics by raising citizens' purchasing power. To stop the bleeding, he practically indexed the value of bank accounts in domestic currency to the dollar. These are all aimed at creating positive momentum before he calls early elections.”

Reuters

Turkey expert at Brookings and professor at National Defense University

29 Dec 2021 5 3

Mehmet Ali Kulat

Inserted 2 years ago

“The decisions have ... given the impression that the AK Party and Erdogan are excellent managers of the economy. For Erdogan, a 'last minute' success story emerges before every election. We see that this process will be presented as a political leader who beat the dollar and disrupted the game of foreign powers.”

Reuters

Chairman of MAK Consulting

29 Dec 2021 6 3

Win Thin

Inserted 2 years ago

“We suspect positioning and stealth intervention will continue to dominate the price action. Even if the lira stabilizes, there are still strong inflationary impulses in the economy that will continue to erode the value of any local currency holdings.”

Reuters

Global Head of Currency Strategy at Brown Brothers Harriman

24 Dec 2021 3 3

Nureddin Nebati

Inserted 2 years ago

“We have a strong economic model. The basis of our model is high growth and a low current account deficit. Turkey will seize this historic opportunity. We will solve the current account deficit problem through achieving macroeconomic stability and increasing production and exports. Turkey's macroeconomic indicators have no way of pushing the value of the US dollar against the Turkish lira that high. The Turkish lira is moving towards a level where it will find its true balance.”

Aa

Minister of Treasury and Finance of Turkey

21 Dec 2021 5 2

Gary Schlossberg

Inserted 2 years ago

“The market may be waiting to see how this exchange rate guarantee may play out. Some people think it will stabilize the market for a time, but it just seems that the fundamental backdrop is weak and I'm not sure how long that measure by itself can shore up the market.”

Reuters

Global strategist at Wells Fargo Investment Institute in San Francisco

21 Dec 2021 2 2

Ipek Ozkardeskaya

Inserted 2 years ago

“The current economic outlook was like a truck with no brakes. Erdogan's newly announced measures diverged significantly from the usual market practices. Turkey is going into a complicated process, they are no longer playing the game by the rules.”

Reuters

Senior analyst at Swissquote

20 Dec 2021 3 1

Edward Moya

Inserted 2 years ago

“I think that if you continue to see rate cuts you should continue to expect ample volatility going forward and that many investors will still target fresh record lows despite this historic reversal that we've seen.”

Reuters

Senior market analyst for the Americas at Oanda in New York

20 Dec 2021 3 1

Recep Tayyip Erdogan

Inserted 2 years ago

“We are presenting a new financial alternative to citizens who want to alleviate their concerns stemming from the rise in exchange rates when they evaluate their savings. With the interest rate cuts, we will all see how inflation will start falling within months. This country will no longer be a heaven for those adding to their money with high interest rates, it will not be an import haven.”

Reuters

Turkish President

20 Dec 2021 6 2

Recep Tayyip Erdogan

Inserted 2 years ago

“What do they say? They say I am lowering interest rates. They should expect nothing else from me. As a Muslim, whatever Islamic teachings require, that is what I will do. That is what I will continue to do. The religious command is clear.”

Cnn

Turkish President

19 Dec 2021 2 2

Recep Tayyip Erdogan

Inserted 2 years ago

“We are determined to put an end to the uncertainty that has arisen with the recent fluctuations in the exchange rate and the exorbitant price increases as soon as possible. We will determine the future of this nation together with its men and women, young and old, workers and employers.”

Aljazeera

Turkish President

16 Dec 2021 1 2

Henrik Gullberg

Inserted 2 years ago

“The initial trigger for Monday morning's slump was S&P's outlook downgrade, but the risk of further cuts later this week all combined to prompt the latest decline. Ultimately, the CBRT [Central Bank of the Republic of Turkey] needs to show the market some sign of caring about taming inflation. What we have seen so far is not enough to stop the rout.”

Aljazeera

Macro strategist at Coex Partners in London

13 Dec 2021 4 3

Ozgen Nama

Inserted 2 years ago

“We have doubled production [in the last two years] and there are still lines, and this only shows that people don't have purchasing power, and that they are becoming poorer. It's a clear indication people are becoming poorer in this country. Even if we quadrupled our production, it would not be enough to meet demand. The bread is finishing, but the lines are only half gone.”

Aljazeera

Vice head of the Istanbul’s Halk Ekmek (Public Bread) programme

13 Dec 2021 2 3

Berk Esen

Inserted 2 years ago

“Bread is an essential item in Turkish cuisine, and it's frequently consumed especially if you are a poor family. For a family of five or six people for instance, where parents and children and elderly live together, maybe at least two pieces of bread are eaten every day. So even if the Halk Ekmek bread is just a few liras cheaper, over a month that adds up to a substantial amount for a low-income family, and the price gap between that bread and what is in the markets is only going to widen as inflation goes up.”

Aljazeera

IPC-Stiftung Mercator fellow at the Center for Applied Turkey Studies and an assistant professor at Sabancı University

13 Dec 2021 4 4

Kadri Tastan

Inserted 2 years ago

“Orthodox theory recommends a tight monetary policy that will mitigate inflation by moderating domestic demand. In Turkey, by contrast, under the guidance of the presidency, the CBTR [Central Bank of Turkey] is pursuing a loose monetary and credit policy to boost economic growth, which Erdoğan needs desperately. He is concerned that higher interest rates will slow down the economy and fuel voter discontent in the run-up to the elections in 2023. He has therefore pushed the CBTR to cut rates in the hope that cheaper credit will stimulate the economy and improve his popular support.”

Gmfus

Resident senior fellow in German Marshall Fund's Brussels office

09 Dec 2021 8 4

Recep Tayyip Erdogan

Inserted 2 years ago

“God willing, we will stabilise all fluctuations in prices and forex rates in not such a long time. Tayyip Erdogan said low interest rates yesterday, says low interest rates today and will say low interest rates tomorrow. I will never compromise on this because interest rates are a malady that make the rich even richer, and the poor even poorer.”

Aljazeera

Turkish President

04 Dec 2021 5 2

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“Debate over interest rates has subsided significantly and exchange rates stabilized. Now it's time to pull inflation back to single digits.”

“In the past it was dollarization, meaning in order to avoid fluctuations in their currency people kept their assets in dollars. Now the recent trend is being called cryptolization.”

“Erdogan is already following election politics by raising citizens' purchasing power. To stop the bleeding, he practically indexed the value of bank accounts in domestic currency to the dollar. These are all aimed at creating positive momentum before he calls early elections.”

“We suspect positioning and stealth intervention will continue to dominate the price action. Even if the lira stabilizes, there are still strong inflationary impulses in the economy that will continue to erode the value of any local currency holdings.”

“The market may be waiting to see how this exchange rate guarantee may play out. Some people think it will stabilize the market for a time, but it just seems that the fundamental backdrop is weak and I'm not sure how long that measure by itself can shore up the market.”

“The current economic outlook was like a truck with no brakes. Erdogan's newly announced measures diverged significantly from the usual market practices. Turkey is going into a complicated process, they are no longer playing the game by the rules.”

“I think that if you continue to see rate cuts you should continue to expect ample volatility going forward and that many investors will still target fresh record lows despite this historic reversal that we've seen.”

“What do they say? They say I am lowering interest rates. They should expect nothing else from me. As a Muslim, whatever Islamic teachings require, that is what I will do. That is what I will continue to do. The religious command is clear.”

“We are determined to put an end to the uncertainty that has arisen with the recent fluctuations in the exchange rate and the exorbitant price increases as soon as possible. We will determine the future of this nation together with its men and women, young and old, workers and employers.”

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