Ankara was already grappling with high inflation like other countries when the war broke out, sending energy prices through the roof.
Services sector remained the biggest contributor in the economy with a 21.1 percent rise in 2021, compared to last year.
Turkish citizens can easily and safely deliver their physical gold to the financial system through jewellery stores and banks, the Turkish Finance Minister stated.
The winds of normalisation are blowing across the Middle East bringing calm to the Gulf and to ties between Turkey and Egypt. The latest rapprochement appears to be between Turkiye and Saudi Arabia.
The country's imports in November 2021 are up 27.3 percent to reach $26.9 billion while overall trade deficit declines in the January-November compared to same period last year.
President Recep Tayyip Erdogan has said Turkiye launched a historic change in economic policy, putting aside the 'classical understanding' of controlling inflation with high interest rates.
Turkish President Erdogan said the country's move to bring exchange rates to a level that reflects local realities reached its purpose as dollar/lira exchange rate dropped to 12.35.
The increase, which will come into effect next month, brings the country’s minimum wage to 4,250 Turkish liras a month, roughly $275.
Finance Minister Lutfi Elvan says Ankara will establish a finance-tech base and create lira-equivalent digital money.
Among the first steps will be strengthening public finance structures to guard against risks, says Turkey’s President Erdogan.
The central bank will implement confidence-oriented monetary policy to achieve its main goal of price stability, says Governor Naci Agbal.
The Turkish economy expanded 5.9 percent in the fourth quarter, bringing the year-on-year growth of 2020 to 1.8 percent, the country's statistical authority announced.
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