Latest news with #MehmetSimsek
Fibre2Fashion
3 days ago
- Business
- Fibre2Fashion
Turkish inflation projected to drop to 29.86% by 2025 end: CBRT survey
Turkish inflation is projected to drop to 29.86 per cent by the end of this year, while the country's central bank (CBRT) is expected to return to rate cuts next month, a CBRT survey of market participants for June revealed. That is down from 30.35 per cent in the previous month's survey. Inflation dipped to 35.4 per cent in May compared to around 75 per cent a year ago. Turkish inflation is projected to drop to 29.86 per cent by the 2025 end, while the country's central bank (CBRT) is expected to return to rate cuts next month, a CBRT survey of market participants for June revealed. That is down from 30.35 per cent in the previous month's survey. Markets see inflation 12 months from now falling to 24.56 per centâ€'down from 25.06 per cent in the previous survey. Treasury and finance minister Mehmet Simsek last week cited stickiness in services inflation, which, he said, was preventing further improvement in headline consumer price inflation. Markets see inflation 12 months from now falling to 24.56 per cent, the survey showed. That is down from 25.06 per cent in the previous survey. The 24-month-ahead forecast eased to 17.35 per cent, down from 17.77 per cent. Market participants expect the central bank to keep its benchmark one-week repo rate unchanged this week, but project a three-percentage-point cut in July. They see the rate falling to around 40 per cent in September, before ending the year at around 36 per cent. A year from now, the key policy rate is estimated to be around 29 per cent. Survey participants now expect the lira-dollar exchange rate to be 43.57 by the end of 2025, slightly below the previous forecast of 43.70. However, the 12-month ahead forecast for the exchange rate increased to 47.04, up from 46.62 in the last survey. Fibre2Fashion News Desk (DS)
Reuters
30-05-2025
- Business
- Reuters
Turkey's Erdogan repeats opposition to interest rates, but says economic plan to continue
ANKARA, May 30 (Reuters) - Turkish President Tayyip Erdogan on Friday vowed to continue his opposition to interest rates, while saying Ankara was determined to press on with its current economic programme until all of its goals are achieved. Turkey had launched the programme to reverse the effects of Erdogan's unorthodox views that interest rates cause inflation. Under the programme, the central bank had tightened its policy to contain rampant inflation and a currency crisis caused by the president's perceived influence over monetary policy. Speaking at a Global Islamic Economy Summit in Istanbul, Erdogan, a self-proclaimed "enemy" of interest rates, said work must be done to change and find alternatives to what he called an interest rates-based economic system, and added such a system cannot be viewed as legitimate. "I have always opposed the distorted system that deepens inequalities, disrupts income justice, and turns billions of people into the slaves of a handful of capitalists. I oppose it again. I have often said that, no matter what, we cannot view as legitimate interest rates and an economic system based on interest rates," Erdogan said. "I will continue to voice my longing for an interest rate-free economy from now on too. We will not turn back from our battle for the economic order based on interest rates to change," he added. However, the president also vowed to continue implementing the economic agenda drafted by his finance minister, Mehmet Simsek, in order to chart a path of disinflation after consumer prices in Turkey soared. "We are determined to implement our economic programme, with which we have made noteworthy progress over the past two years, until it reaches its goals," he said, and added that the end goal was to achieve single-digit inflation.
Al Arabiya
30-05-2025
- Business
- Al Arabiya
Turkey's Erdogan repeats opposition to interest rates, but says economic plan to continue
Turkish President Recep Tayyip Erdogan on Friday vowed to continue his opposition to interest rates, while saying Ankara was determined to press on with its current economic program until all of its goals are achieved. Turkey had launched the program to reverse the effects of Erdogan's unorthodox views that interest rates cause inflation. Under the program, the central bank had tightened its policy to contain rampant inflation and a currency crisis caused by the president's perceived influence over monetary policy. Speaking at a Global Islamic Economy Summit in Istanbul, Erdogan, a self-proclaimed 'enemy' of interest rates, said work must be done to change and find alternatives to what he called an interest rates-based economic system, and added such a system cannot be viewed as legitimate. 'I have always opposed the distorted system that deepens inequalities, disrupts income justice, and turns billions of people into the slaves of a handful of capitalists. I oppose it again. I have often said that, no matter what, we cannot view as legitimate interest rates and an economic system based on interest rates,' Erdogan said. 'I will continue to voice my longing for an interest rate-free economy from now on too. We will not turn back from our battle for the economic order based on interest rates to change,' he added. However, the president also vowed to continue implementing the economic agenda drafted by his finance minister, Mehmet Simsek, in order to chart a path of disinflation after consumer prices in Turkey soared. 'We are determined to implement our economic program, with which we have made noteworthy progress over the past two years, until it reaches its goals,' he said, and added that the end goal was to achieve single-digit inflation.
Qatar Tribune
23-05-2025
- Business
- Qatar Tribune
Minister meets with Turkish delegation
Minister of State for Foreign Trade Affairs at the Ministry of Commerce and Industry HE Dr Ahmed bin Mohammed Al Sayed met Mehmet Simsek, Minister of Treasury and Finance of the Türkiye, on the sidelines of Qatar Economic Forum 2025. During the meeting, the two sides discussed topics of common interest aimed at strengthening bilateral cooperation in the fields of trade and investment, as well as ways to support and develop mutual relations. They also exchanged views on key issues featured on the forum's agenda.
Malaysia Sun
21-05-2025
- Business
- Malaysia Sun
Roundup: Growth expected in Trkiye's impoverished regions as stability to return after PKK's disbandment
ANKARA, May 20 (Xinhua) -- The disbandment of the Kurdistan Workers' Party (PKK) will provide new economic opportunities for Trkiye, especially for its underdeveloped eastern and southeastern regions, said a Turkish official and analysts. On May 12, the PKK, designated a terrorist organization by Trkiye, the United States, and the European Union, declared it would disband and cease its decades-long armed insurgency against the Turkish state. The move followed a February call from jailed PKK leader Abdullah Ocalan urging the group to lay down its arms. Turkish Treasury and Finance Minister Mehmet Simsek said the PKK's disbandment will enhance investor confidence in Trkiye and unlock resources for such vital sectors as education, healthcare, and infrastructure, especially in areas neglected due to security concerns. The conflict with the PKK "has cost the country an estimated 1.8 trillion U.S. dollars," Simsek was quoted recently by local English newspaper Daily Sabah as saying. "Now we can pivot toward productive spending that supports long-term growth," the minister added. "This is a significant economic development opportunity for Trkiye," Istanbul-based economist Atilla Yesilada told Xinhua. "The return of security and stability in conflict zones would be followed by private investment flows into impoverished regions." Industrial zones once deemed risky may now attract manufacturers and logistics firms, especially given their strategic proximity to Middle Eastern markets, he noted. Data from the Turkish Statistical Institute showed that unemployment rates in Trkiye's southeastern provinces have historically remained above the national average, while per capita income in many of those provinces is less than half that of western provinces. "With proper planning, these regions can become drivers of Trkiye's economy," Yesilada said, highlighting agriculture, tourism, and manufacturing as key sectors for potential growth. The PKK's disbandment, a "historic shift" for Trkiye, "will lower Trkiye's country risk premium," said Gurkan Yildirim, head of the Turkish Young Businessmen Association. "Creating a secure and stable environment would boost investor confidence, reduce perceived risks, and highlight Trkiye's economic strengths," he told Xinhua. The eastern and southeastern Anatolia regions, bordering Syria, Iraq, and Iran, will be well positioned to benefit from new investment opportunities, thereby improving local living standards and contributing to broader national economic growth, Yildirim said. "Revitalizing the tourism sector in these areas could play a role in driving economic transformation," he added.
