Turkey annual inflation hits 24.5% in September

[TaiShang]

Turkey annual inflation hits 24.5% in September

CGTN
2018-10-03

The annual inflation rate in Turkey rose to nearly 25 percent in September, official statistics showed on Wednesday, as the Turkish lira remains weak against the US dollar despite a sharp interest rate hike last month.


Consumer prices accelerated to 24.52 percent in September from the same month last year, up from a 17.9 percent increase recorded in August, according to the Turkish statistics office.

The figure was substantially higher than the Bloomberg consensus forecast of 21.1 percent.

The Turkish lira weakened to 6.0 against the US dollar, a loss of 1.5 percent on the day, after the data were released.

The lira has lost over 37 percent in value against the greenback since the beginning of the year.

Furnishings and household equipment saw the biggest gain, to 37.3 percent, TUIK said in a statement.

Prices for transport rose 36.61 percent while those for food and non-alcoholic drinks climbed by 27.7 percent.

The lira was hit hard by a diplomatic row between NATO allies Washington and Ankara over Turkey's detention of an American pastor for two years on terror-related charges.

Amid continued concerns over domestic monetary policy and the government's steering of the economy, the lira weakened dramatically after Washington imposed sanctions on two Turkish ministers and doubled steel and aluminium tariffs in August.

There was a brief reprieve last month when the bank increased its main policy rate -- the one week repo auction rate -- from 17.75 percent to 24 percent.

After the monetary policy committee stunned markets with the hike, the bank said a "tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement".

However, President Recep Tayyip Erdogan has previously railed against interest rates, and said high rates cause high inflation.

He also once described interest rates as "the mother and father of all evil".

https://news.cgtn.com/news/3d3d414d35456a4e7a457a6333566d54/share_p.html

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I love how Turkey's president sees everything under the sun from behind a religious glasses. Even Saudi Arabia is not that much passionate about something which came from their very culture and history.

 

[dy1022]

Turkey 's GDP Pe Pe Pe = 2.x Trillion, Turkey is so rich and powerful.

@MMM-E

 

[艹艹艹]

Great Turkic Empire

 

[Jlaw]

However, President Recep Tayyip Erdogan has previously railed against interest rates, and said high rates cause high inflation.

High interest rates cause high inflation? Must be Ottoman economic theory.

 

[MMM-E]

Russian,Iranian and Turkish economies are under attack by the US


what about Russian financal crisis since 2014 following Russia's annexation of Crimea and the Russian military intervention in Ukraine ?

by 2014 1 USD = 33 Ruble
by 2016 1 USD = 78 Ruble
by 2018 1 USD = 65 Ruble

The United States, the European Union and many other countries had imposed economic sanction on Russia following its military intervention in Ukraine in early 2014




since 2013 Turkey is under attack by the US,Israel and their ugly smelly terrorist friends PKK/YPG,,ISIS and FETO

CIA first time filed in Turkey ( failed coup attempt 15.07.2016 )
Turkish Army entered to Syria ( operation euphrates shield 24.08.2016 )
Turkish Army took AFRIN ( operation olive branch 20.01.2018 ) and blocked the US-the UK-France-Israel backed terror coridor in N.Syria

Turkish Navy blocked Italian drillship who tried to steal our gas reserves in the mediterranian sea ( Turkey will not allow launch of unilateral hydrocarbon-related activities in Eastern Mediterranean Sea )
and Turkish navy will protect its energy rights in Mediterranean from the US 6th Fleet , UK submarines, French frigates and others ( thieves scums )

CIA agent Andrew Brunson arrested in October 2016 ( He is one of 20 Americans who were charged after a failed coup against President Erdogan in 2016 also Brunson is a collaborator with armed Kurdish terrorist groups in Syria . He went to YPG territory Kobani in Syria )

the Turkish military cleared 4,000 square kilometer area from ISIS and YPG-PKK terrorists as part of Euphrates Shield and Olive Branch operations in Syria
and Turkish Army will clean Manbij and all territories east of Euphrates from terrorists
and the US attacks Turkish economy to stop Turkish military operations in Syria , Iraq and Mediterranean

by 2013 1 USD = 2,4 Turkish Lira
31.12. 2017 1 USD = 3.9 Turkish Lira
04.10.2018 1 USD = 6 Turkish Lira

Turkey 's GDP Pe Pe Pe = 2.x Trillion, Turkey is so rich and powerful.

List by the International Monetary Fund (estimates for 2017) Rank Country GDP PPP

1

China 23,159,107
2

United States 19,390,600
3

India 9,459,002
4

Japan 5,428,813
5

Germany 4,170,790
6

Russia 4,007,831
7

Indonesia 3,242,771
8

Brazil 3,240,319
9

United Kingdom 2,914,042
10

France 2,835,746
11

Mexico 2,458,357
12

Italy 2,310,902
13

Turkey 2,173,227
14

South Korea 2,029,032
15

Spain 1,773,906
16

Saudi Arabia 1,773,551
17

Canada 1,769,270
18

Iran 1,644,705
19

Australia 1,246,475
20

Thailand 1,233,737

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)

 

[TaiShang]

Russian,Iranian and Turkish economies are under attack by the US


what about Russian financal crisis since 2014 following Russia's annexation of Crimea and the Russian military intervention in Ukraine ?

by 2014 1 USD = 33 Ruble
by 2016 1 USD = 78 Ruble
by 2018 1 USD = 65 Ruble

The United States, the European Union and many other countries had imposed economic sanction on Russia following its military intervention in Ukraine in early 2014




since 2013 Turkey is under attack by the US,Israel and their ugly smelly terrorist friends PKK/YPG,,ISIS and FETO

CIA first time filed in Turkey ( failed coup attempt 15.07.2016 )
Turkish Army entered to Syria ( operation euphrates shield 24.08.2016 )
Turkish Army took AFRIN ( operation olive branch 20.01.2018 ) and blocked the US-the UK-France-Israel backed terror coridor in N.Syria

Turkish Navy blocked Italian drillship who tried to steal our gas reserves in the mediterranian sea ( Turkey will not allow launch of unilateral hydrocarbon-related activities in Eastern Mediterranean Sea )
and Turkish navy will protect its energy rights in Mediterranean from the US 6th Fleet , UK submarines, French frigates and others ( thieves scums )

CIA agent Andrew Brunson arrested in October 2016 ( He is one of 20 Americans who were charged after a failed coup against President Erdogan in 2016 also Brunson is a collaborator with armed Kurdish terrorist groups in Syria . He went to YPG territory Kobani in Syria )

the Turkish military cleared 4,000 square kilometer area from ISIS and YPG-PKK terrorists as part of Euphrates Shield and Olive Branch operations in Syria
and Turkish Army will clean Manbij and all territories east of Euphrates from terrorists
and the US attacks Turkish economy to stop Turkish military operations in Syria , Iraq and Mediterranean

by 2013 1 USD = 2,4 Turkish Lira
31.12. 2017 1 USD = 3.9 Turkish Lira
04.10.2018 1 USD = 6 Turkish Lira









List by the International Monetary Fund (estimates for 2017) Rank Country GDP PPP

1

China 23,159,107
2

United States 19,390,600
3

India 9,459,002
4

Japan 5,428,813
5

Germany 4,170,790
6

Russia 4,007,831
7

Indonesia 3,242,771
8

Brazil 3,240,319
9

United Kingdom 2,914,042
10

France 2,835,746
11

Mexico 2,458,357
12

Italy 2,310,902
13

Turkey 2,173,227
14

South Korea 2,029,032
15

Spain 1,773,906
16

Saudi Arabia 1,773,551
17

Canada 1,769,270
18

Iran 1,644,705
19

Australia 1,246,475
20

Thailand 1,233,737

https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)

What you have experienced about a month ago is nothing new. You are not the only one to go through it, not the first one, either.

In 1997, in East Asia, we have experienced a similar coordinated attack in the form of financial speculation, influx of hot money, and monetary flight.

Many East Asian nations came to the brink of economic collapse. The US not only did not help, but also worked to exacerbate the situation by increasing inflation and making US papers more attractive.

Yet, there was China, a relatively small economy then, but still a big, growing market. China did not reduce the value of the RMB, and, since many Asian currencies lost value, their products became competitive, and growing exports to China provided some relief.

Then, in East Asia, we have founded CMI (later became CMIM) and then ASEAN+3. South Korea proposed China-Japan-Korea FTA and negotiations started.

Many positive developments came out of the US-coordinated attack on East Asian financial infrastructure. Now, East Asia is the financially most robust region in the world.

So, your experience is not one of kind. But, your management is bad (the government), hence, the situation has gone out of control.

Now you have practically opened up your finance to the investigation by a private US firm. Why not go to the IMF instead (which does the same job)?

Because the IMF holds governments more responsible and makes all the papers and reports publicly available. In the McKinsey case, your government can keep everything in secret.

That's why there has been little increase in confidence in Turkish economy. I read news of bankruptcies by well-known, established companies. Inflation on vital food-stuff (like flour, meat, milk, fruits) is increasing.

It is not only about because you are under US economic warfare. It is, in fact, mostly because of bad management by your President. In fact, terrible management.

I am not celebrating. I feel sorry, because, in the end, Turkey stands on the other end of Eurasia and, if it is prosperous, Middle East will become more stable and peaceful.

High interest rates cause high inflation? Must be Ottoman economic theory.

His economic theories come from religion. And, religion often defies scientific knowledge and historical experience.

 

[MMM-E]

Because the IMF holds governments more responsible and makes all the papers and reports publicly available. In the McKinsey case, your government can keep everything in secret.

all about politic , not economic , there is no economic crisis in Turkey

and ERDOGAN never let allow IMF to rule TURKEY again , stop dreaming
ERDOGAN never let allow the US,the UK,France and Israel to create terror coridor in N.Syria

I read news of bankruptcies by well-known, established companies.

for example which one ? its speculation and lie , nothing else

Inflation on vital food-stuff (like flour, meat, milk, fruits) is increasing.

Inflation climbed for a sixth straight month, hitting the highest level in the last 15 years
because of last month, stockists who made unnecessary price increases in the labels of many food items played an important role in increasing inflation

they are traitors and State controls for stockists are increasing

btw Turkey's new economic program announced on Sept. 20, the inflation target for this year is 20.8%
15.9% for next year, 9.8% for 2020, and 6% for 2021

It is not only about because you are under US economic warfare. It is, in fact, mostly because of bad management by your President. In fact, terrible management.

It is only about because Turkey is under US economic , politic and asymmetric warfare since 2013
I am saying again ERDOGAN never let allow the US,the UK,France and Israel to creat terror coridor in N.Syria

Turkey lost over $500 billion since 2013

-- Gezi Park rebellion against ERDOGAN 28 may- 30 august 2013 ( because ERDOGAN kicked out IFM of Turkey in 2013 , also ERDOGAN announced mega projects such as Nuclear Power plants , the biggest airport in the world , 3rd Bridge in Istanbul , Kanal Istanbul , etc before 28 may 2013 )

ERDOGAN reduced interest rates from 24% to 4.9% between 2003 and 2013 and ERDOGAN saved over 700 billion Turkish lira ( over $250 billion ) from blood sucker international zionist interest lobby between 2003 and 2013

and after Gezi Park rebellion interest rates rose over 11% from 4,9% , traitor scumbags


-- Judicial coup attempt by the US backed FETO terrorist organization against ERDOGAN 17-25 December 2013
-- Big Pkk terrorist rebellion in 22 cities of Turkey 8 august 2015
-- Terrorist attacks by Pkk/Ypg and ISIS in Ankara and Istanbul by 2015-2016
-- Military coup attempt by the US backed FETO terrorist organization against ERDOGAN 15 july 2016

and finally Turkish Army entered to Syria to take Jarablus,Rai,Azez,Al Bab from ISIS terrorists ( operation euphrates shield 24.08.2016 )
and Turkish Army took AFRIN ( operation olive branch 20.01.2018 ) and blocked the US-the UK-France-Israel backed terror coridor in N.Syria







what about Turkey before ERDOGAN and after ERDOGAN ?

by 2002 before ERDOGAN Turkey and Austria had almost same GDP Nominal ( $230 bil )
by 2017 led by ERDOGAN Turkey had $860 billion of GDP but Austria had $416 billion of GDP
even Turkish economy is under attack since 2013

by 2002 before ERDOGAN 10x Turkey = Germany in GDP PPP
by 2017 led by ERDOGAN only 2x Turkey = Germany in GDP PPP


by 2017 Germany had $4.170 trillion of GDP PPP ,,,, Turkey had $2.173 trillion of GDP PPP



led by ERDOGAN Turkey spent $165 billion for construction investment in the last 15 years
-- The number of Airports has risen from 26 to 55 at the end of the season Airport’s number will rise to 60
-- the length of the two-way roads has risen from 6.000 km to 24.000 km more

also 41 cities will be connected by high speed railways ( 11.000 km ) the second longest in the world after China

also 34 Integrated Healthcare Campuses $15 billion ,, ( Ankara ETLIK Integrated Healthcare Campus is the largest Hospital Complex in the World with 1.4 million m2 area )


I can not see better leader than ERDOGAN in Turkey

 

[TaiShang]

and ERDOGAN never let allow IMF to rule TURKEY again , stop dreaming

IMF is definitely a better choice than McKinsey, a private company that keeps every record in private.

You will never know what your president and McKinsey officials talked about, agreed about.

IMF is more of a monitoring institution than a lending one. Globally, total debt to IMF is around 50-60 billion USD. So, they are not the monster you think they are.

Granted, they have led some countries into economic collapse. But, the explosive growth in Turkey post 2008 crisis was also thanks to IMF policies. You government followed their program for some year and then quit it to make some close businessmen richer.

IMF's records are all public. So, you can keep your government accountable. McKinsey documents are all private. They will monitor all of your national accounts. They will act as your accountant.

I guess you had a very effective legal system (court) to check all national accounts, spendings etc., but your President crippled their power. Now, what your national court should have done has been given to a US-based private company whose best achievement was to release nice reports about Enron before it went bankrupt.

IMF may not be the best, but at least a better option than McKinsey. At least, in IMF, China and Japan hold about 6.3 percent share (US 16%).

Good luck.

for example which one ? its speculation and lie , nothing else

Like various food, textile, construction, and electronics/chemicals companies.

All went bankrupt in the past one month.

It is only about because Turkey is under US economic , politic and asymmetric warfare since 2013

It is not a warfare. It is a very minor decision to raise US interests and put some tariffs on your exports to the US. It is minor. Little. Nothing as compared to many other countries that face US economic warfare.

Do not make a hill out of a tiny mound.

 

[MMM-E]

IMF is definitely a better choice than McKinsey, a private company that keeps every record in private.

Yes
IMF is definitely a better choice for the enemies of Turkey ,,, but not for us

Like various food, textile, construction, and electronics/chemicals companies.

All went bankrupt in the past one month.

which one ? name please or maybe in your dreams

It is not a warfare. It is a very minor decision to raise US interests and put some tariffs on your exports to the US. It is minor. Little. Nothing as compared to many other countries that face US economic warfare.

Do not make a hill out of a tiny mound.

what are you talking about ? your shitty tariffs are nothing


on the other hand its asymmetric warfare against Turkey since 2013
and Turkey lost thousands of citizens and over $500 billion in the last 5 years

-- The UK and Germany backed traitor scums rebelled against the Government in 2013 ( Gezi Park rebellion ) .. interest rates rose over 11% from 4,9% in a few months in 2013 and now 24% ... ERDOGAN reduced interest rates from 24% to 4.9% in 10 years between 2003 and 2013 but in 5 years interest rates rose to 24% from 4.9% again between 2013 and 2018 ..... Turkey will give extra hundreds of billions of dollars to blood sucker international zionist interest lobby

-- The US backed FETO terrorists tried to kill president ERDOGAN and to invade Turkey (failed coup attempt by 2016)

-- Turkish Army fought against the US,the UK,France,Israel backed Pkk/Ypg terrorists in Turkey,Iraq and Syria between 2015 and 2018

-- and now The US attacks Turkish economy ( 1 USD has risen to 7,3 Turkish lira from 3.9 in a few weeks and now 1 USD = 6,1 Turkish lira )

by 2018 Turkish GDP will be around $600 billion instead of $900 billion ,,, Turkish economy continues to lose hundreds of billions of dollars


and the US gave over 19.000 trucks and 3.000 cargo planes of weapons to over 70.000 Pkk/Ypg terrorists in Syria to fight against Turkey

the US,the UK,France,Israel are trying to destroy Turkey's territorial integrity and future of Turkish people


and your are talking about shitty tarrifs .. are you joke or what ?




100 years ago smart British used stupid Greeks to steal rich oil reserves in Iraq from the TURKS ( stupid Greeks died to fight against the TURKS between 1919-1922 and smart British took rich oil reserves in Iraq )

after 100 years same senario , smart British and Americans uses stupid Kurds to steal rich gas reserves in Mediterranean from the TURKS

but this time 2018's Turkey is 1000 times stronger than 1922's Turkey