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☆ Turkey's inflation climbs to 68.5% despite continued rate hikes
▼ + stars: | 2024-04-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Cagla Gurdogan | ReutersTurkey's annual inflation rose to 68.5% for the month of March, an increase on February's 67.1% inflation read, according to the Turkish Statistical Institute's report released Wednesday. Turkey has launched a concerted effort to tackle soaring inflation with interest rate hikes, most recently raising the country's key rate from 45% to 50% in late March. watch nowMuch of the inflation in recent months stems from a significant increase to the minimum wage that Turkey's government mandated for 2024. Economists expect further rate hikes from the central bank will be necessary. Turkey's central bank implemented eight consecutive interest rate hikes from June 2023 to January 2024, totaling a cumulative 3,650 basis points.

Persons: Cagla Gurdogan, Nicholas Farr, Istanbul Mayor Ekrem Imamoglu, Umit Bektas Organizations: Reuters, Economics, Istanbul Mayor, Republican People's Party Locations: Ankara, Turkey, Europe, London, Istanbul Metropolitan, Istanbul

☆ VIEW Turkey central bank ramps up interest rates to 40%
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +2 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. Below reaction from analysts to the decision:LIAM PEACH, CAPITAL ECONOMICS, LONDON"(Turkey's central bank) suggested that it is very close to the end of the tightening cycle. For the central bank to have any chance of achieving single digit inflation this decade, rates will need to stay at this level for some time." BARTOSZ SAWICKI, CONOTOXIA FINTECH, WARSAW"In October the annual inflation rate inched lower and external price dynamics have turned a tad more favourable. The risk of a sharp slowdown in activity points to less aggressive continuation of the tightening cycle.

Persons: Cagla, LIAM PEACH, CONOTOXIA, Karin Strohecker, Ezgi, Susan Fenton Organizations: Turkey's Central, REUTERS, Thomson Locations: Ankara, Turkey, CONOTOXIA FINTECH, WARSAW

☆ Turkish parliament won't speed up Sweden's NATO bid -committee chair
▼ + stars: | 2023-11-01 | by ( Huseyin Hayatsever | ) www.reuters.com time to read: +2 min

President Tayyip Erdogan submitted the ratification bill for Sweden's NATO membership bid to parliament last month, a move welcomed by Stockholm as it would clear the way for it to join the Western defence alliance. NATO Secretary General Jens Stoltenberg has said he wants a "speedy vote" by Turkey's parliament and that the process was "going well". "Sweden's NATO membership is just one of the international agreements on our agenda waiting for ratification," Oktay told a meeting of lawmakers. The Sweden NATO membership bill must be approved by the committee before a vote by the full parliament, at which point Erdogan would sign it into law. Finland's membership was sealed in April, but Sweden's bid had been held up by Turkey and Hungary.

Persons: Tayyip Erdogan, Ataturk, Cagla, Jens Stoltenberg, Fuat Oktay, Oktay, Erdogan, Sweden's, Huseyin Hayatsever, Jonathan Spicer, Mark Heinrich Our Organizations: REUTERS, Rights, NATO, Sweden NATO, Kurdistan Workers ' Party, Thomson Locations: Anitkabir, Ankara, Turkey, Rights ANKARA, Turkish, Stockholm, Sweden, Finland, Ukraine, Hungary, Kurdistan

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. The bank's policy committee repeated it is ready to raise rates further as needed to curb inflation, which climbed to an annual rate of 61.53% in September and is expected to rise into next year. It has weakened some 70% in two years, largely due to President Tayyip Erdogan's long-standing opposition to high rates and influence over the central bank. Erdogan chose former Wall Street banker Hafize Gaye Erkan as central bank chief after his May re-election. She has led a policy U-turn to relieve an economy strained by depleted FX reserves and surging inflation expectations.

Persons: Cagla, Tayyip Erdogan's, Erdogan, Hafize Gaye Erkan, Daren Butler, Jonathan Spicer Organizations: Turkey's Central, REUTERS, Rights, Wall Street, Thomson Locations: Ankara, Turkey, Rights ISTANBUL

☆ Turkey says 'terrorists' carried out bomb attack near government building
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: 1 min

[1/3] Security forces are seen outside the Interior Ministry following a bomb attack in Ankara, Turkey October 1, 2023. REUTERS/Cagla Gurdogan Acquire Licensing RightsANKARA, Oct 1 (Reuters) - Turkey's interior minister said on Sunday that two "terrorists" carried out a bomb attack in front of the ministry buildings in Ankara, adding one of them died in the explosion and the other was "neutralized" by authorities there. Turkish media earlier reported that an explosion was heard near the parliament and ministerial buildings. Ali Yerlikaya, the minister, said on social media platform X that two police officers were slightly injured in the incident at 9:30 a.m. (0630 GMT). Reporting by Burcu Karakas; Wirting by Jonathan Spicer; Editing by Hugh Lawson and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Cagla, Ali Yerlikaya, Burcu Karakas, Jonathan Spicer, Hugh Lawson, Alison Williams Organizations: Security, Ministry, REUTERS, Rights, Thomson Locations: Ankara, Turkey, Rights ANKARA

☆ Ankara blast: Terror attack injures 2 outside Turkish Interior minister building
▼ + stars: | 2023-10-01 | by ( Gul Tuysuz | ) edition.cnn.com time to read: +3 min

Istanbul CNN —Two terrorists carried out a bomb attack in front of Turkey’s Interior Ministry building in the Turkish capital Ankara ahead of the opening of parliament on Sunday, authorities said. Two police officers suffered non life-threatening injuries in the attack, Interior Minister Ali Yerlikaya said in a statement on X, previously known as Twitter. The attackers arrived in a light commercial vehicle in front of the building’s entrance at about 9:30 a.m. local time, Yerlikaya. The apparent guard tower in front of the entrance to the building was slightly damaged in the blast. Police officers inspect the area after an explosion near the Turkish Parliament and Interior Ministry in Ankara on Sunday.

Persons: Ali Yerlikaya, CNN Turk, Osmancan, Yilmaz Tunc, Turkey’s, ” Tunc, Cagla Gurdogan, Adem Altan Organizations: Istanbul CNN —, Turkey’s, Ministry, Twitter, Reuters, Police, CNN, Turkish, Interior Ministry, Anadolu Agency, Turkish Police Special Forces, Getty Locations: Istanbul, Turkish, Ankara, AFP, Turkey, Syria

☆ Ankara blast echoes past attacks in Turkey
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +4 min

[1/2] Members of Turkish Police Special Forces secure the area near the Interior Ministry following a bomb attack in Ankara, Turkey October 1, 2023. Turkey blamed Kurdish militants for the Istanbul blast, which reminded Turks of a wave of attacks carried out by various militant groups in Turkish cities between mid-2015 and early 2017. June 28, 2016 - A triple suicide bombing and a gun attack killed 45 people and wounded more than 160 people at Istanbul's main airport. March 19, 2016 - A suicide bomber killed four people in a busy shopping district of Istiklal Street in the heart of Istanbul. Sept 8, 2015 - Kurdish militants killed 15 police officers in two bombings in eastern Turkish provinces of Mardin and Igdir.

Persons: Cagla, Tayyip Erdogan, Azra Ceylan, Canan, Gareth Jones, William Maclean Organizations: Turkish Police Special Forces, Ministry, REUTERS, Authorities, Kurdistan Workers Party, Islamic State, Kurdistan Freedom Hawks, Islamic, Explosives, Thomson Locations: Ankara, Turkey, Istanbul, Turkish, Izmir, Kayseri, Turkey's, Gaziantep, Islamic State, Istanbul's, Diyarbakir, Istiklal, Iranian, Mardin, Igdir, Suruc, Syrian, Gdansk

☆ Retail investors flock to bond ETFs in third quarter as prices slide
▼ + stars: | 2023-09-29 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +2 min

REUTERS/Cagla GurdoganDaily retail investor flows into the benchmark iShares 20+ Year Treasury Bond ETF touched their highest level last week since March 2020, according to data from Vanda Research. The fund saw net retail inflows rise to $1.2 billion so far this quarter, Vanda’s data showed, even as prices slid to their lowest level since 2010 amid a sharp rise in yields. The ETF saw retail net inflows of nearly $746 million in the second quarter. The iShares 20+ Year Treasury Bond ETF is down 13.3% in the third quarter and has fallen 10.4% year-to-date. Overall, the ETF saw nearly $3.9 billion in net inflows so far this quarter, according to Lipper data, slowing from nearly $6 billion last quarter but still on track to post its ninth straight quarter of inflows.

Persons: ”, Noel Archard, Ihor Dusaniwsky, Dusaniwsky Organizations: Reuters, Federal, REUTERS, Treasury, Vanda Research, Partners Locations: Ankara, Turkey

☆ VIEW Turkey cements policy shift with super-sized rate hike
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +5 min

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. "We should recall that sudden changes in interest rates usually have a delayed effect. "This was also the steepest rate hike since the CBT management reshuffle after the elections in May. We think the strong rate hike meant to address market concerns that the CBT wanted to avoid significant rate hike." TIMOTHY ASH, BLUEBAY ASSET MANAGEMENT, LONDON"Really solid move by the CBRT (central bank) to hike policy rates arguably above expectations by 750bps to 25%."

Persons: Cagla, GRZEGORZ DROZDZ, TIMOTHY ASH, 750bps, Hatice Karahan, Hatice Gaye, PIOTR MATYS, Governor Erkan, Erdogan, LIAM PEACH, Erkan, OZKARDESKAYA, SWISSQUOTE Organizations: Turkey's Central, REUTERS, Reuters, Thomson Locations: Ankara, Turkey, Turkish, EMERGINGMARKETWATCH.COM, SOFIA, GENEVA

A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. According to calculations by five bankers, obtained by Reuters, net reserves rose $4.9 billion to $15.8 billion last week, while total reserves climbed to $115.6 billion. The recent uptrend in reserves reversed in the week to July 28, with net forex falling $2.8 billion to $10.89 billion. The central bank continues to get foreign exchange from tourism and a scheme to protect lira bank deposits from depreciation known as KKM. The bank has paid an estimated 300 billion lira ($11 billion) to cover depreciation costs under the scheme in June and July, with the cost in August estimated at 350 billion lira.

Persons: Cagla, Tayyip Erdogan, Erdogan, Hafize Gaye Erkan, Nevzat Devranoglu, Orhan Coskun, Daren Butler, Jonathan Spicer, John Stonestreet Organizations: Turkey's Central, REUTERS, Reuters, Bankers, Thomson Locations: Ankara, Turkey, ANKARA

☆ Morning Bid: Markets shake off surprise US credit downgrade
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A money changer counts U.S. dollar banknotes at a currency exchange office in Ankara, Turkey November 11, 2021. REUTERS/Cagla Gurdogan/File PhotoA look at the day ahead in European and global markets from Brigid RileyFitch delivered the markets a doozy of a surprise with an unexpected downgrade of the U.S. government's credit rating, by one notch to AA+ from AAA, citing concerns over governance and U.S. debt. Japan's Nikkei (.N225) suffered a 1.8% drop, but that's after hovering near post-Bubble highs for most of the past two months. Chinese markets also took a big hit, led by a 2% drop for Hong Kong's Hang Seng. But again, these are markets that had been supported by now-waning hopes for big-bang economic stimulus from Beijing.

Persons: Cagla, Brigid Riley Fitch, Biden, Brigid Riley, Kevin Buckland, Edmund Klamann Organizations: REUTERS, AAA, Treasury, NASDAQ, Japan's Nikkei, Swiss PMI, Thomson Locations: Ankara, Turkey, U.S, Beijing, China's, Swiss, Spain

☆ Analysis: In Turkey, an election reckoning for the rise and fall of Erdogan's economy
▼ + stars: | 2023-05-08 | by ( Jonathan Spicer | ) www.reuters.com time to read: +8 min

The May 14 vote, which lands during the Turkish Republic's centenary year, is Erdogan's biggest test yet. At the same time, a global reversal in market liquidity left Turkey and other emerging markets starved for funding. But the economic crisis was damaging. This trend accelerated in 2013, wiping out big gains made in 2006-2010 during Erdogan's first decade in charge. "If Erdogan wins the election and continues his economic policy it will come to a complete crash at one point.

☆ Turkey kills ISIS leader in Syria operation, says Erdogan Turkish National Intelligence Organization kills ISIS leader in Syria - President Erdogan
▼ + stars: | 2023-04-30 | by ( Gul Tuysuz Hande Atay Alam Jessie Yeung | Gul Tuysuz | Hande Atay Alam | ) edition.cnn.com time to read: +2 min

CNN —Turkish President Recep Tayyip Erdogan claimed on Sunday that the country’s intelligence forces had killed the leader of ISIS in Syria as he vowed to continue the country’s fight against terrorism. In a broadcast, Erdogan said Turkey’s National Intelligence Organization had been tracking a man known as Abu al-Hussein al-Husseini Al-Qurshi “for a long time.”“This person was neutralized in the operation carried out by MIT (Turkish National Intelligence Organization) yesterday in Syria,” he said. Little was known about Al-Qurshi, but at the time of his appointment, ISIS described him as an “old fighter.”Erdogan’s announcement came after a recent absence from the public eye due to illness. Turkish President Tayyip Erdogan addresses his supporters during an election rally in Ankara, Turkey on April 30, 2023. Cagla Gurdogan/ReutersMedia reports had speculated that his health was deteriorating just two weeks before a crucial election.

☆ U.S. equity funds see biggest weekly outflow in seven weeks
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

Refinitiv Lipper data showed investors withdrew a net $6.88 billion out of U.S. equity funds, marking their biggest weekly outflow since Jan. 4. Fund flows: US equities, bonds and money market fundsU.S. large-, and mid-cap funds suffered weekly disposals of $5.68 billion and $389 million respectively but small-cap received a marginal $79 million worth of inflows. Tech and real state witnessed $856 million and $603 million worth of outflows, while consumer discretionary and utilities, both lost about $300 million in net selling. U.S. high yield and municipal debt funds suffered outflows of $6.4 billion and $1.78 billion, respectively, but U.S. short/intermediate government and treasury funds saw about $4.85 billion worth of net buying. Fund flows: US bond fundsMeanwhile, money market funds obtained $541 million, marking a second weekly inflow in a row.

[1/2] U.S. Secretary of State Antony Blinken and Turkish Foreign Minister Mevlut Cavusoglu arrive at a meeting in Ankara, Turkey February 20, 2023. REUTERS/Cagla GurdoganANKARA, Feb 20 (Reuters) - U.S. Secretary of State Antony Blinken said on Monday Washington strongly supports Sweden and Finland's quick NATO accession given steps they have already taken, even as his Turkish counterpart stressed the need for more concrete action. The Nordic countries' NATO bids have been stalled because Turkey has refused to ratify them, saying Stockholm in particular has harboured what it calls members of terrorist groups. "If they take steps that convince our parliament and people, there could be a development in this direction," he added. Sweden and Finland applied last year to join the trans-Atlantic defence pact after Russia invaded Ukraine, but faced unexpected objections from Turkey.

☆ Powerful quake rocks Turkey and Syria, kills more than 3,400
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: +8 min

A man carries a girl following an earthquake, in rebel-held town of Jandaris, Syria February 6, 2023. People search through rubble following an earthquake in Diyarbakir, Turkey February 6, 2023. Rescuers carry out a girl from a collapsed building following an earthquake in Diyarbakir, Turkey February 6, 2023. He said their shared four-story building collapsed just as he, his wife and three children ran toward the exit. Rescuers stand on rubble of a collapsed building, following an earthquake, in Latakia, Syria, February 6, 2023 in this handout image.

☆ Turkey central bank firms grip on lira as election approaches
▼ + stars: | 2022-11-11 | by ( Nevzat Devranoglu | ) www.reuters.com time to read: +5 min

[1/2] A logo of Turkey's Central Bank is pictured at the entrance of its headquarters in Ankara, Turkey October 15, 2021. Unlike past schemes to support the lira, the central bank no longer needs to constantly tap its own reserves, according to 10 bankers and economists and one Turkish official. The central bank declined to comment for this article, but senior officials and President Tayyip Erdogan have regularly praised the new regulations. Bankers' calculations show the central bank has obtained about $100 billion this year under the new policy. Yet the central bank told bank executives this week it will continue with its regulations and policies, despite their criticism, according to sources at the meetings.

☆ Erdogan says he agreed with Putin to form natural gas hub in Turkey
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

Turkish President Tayyip Erdogan talks to media as he visits the coal mine after an explosion in Amasra, in the northern Bartin province, Turkey, October 15, 2022. REUTERS/Cagla GurdoganANKARA, Oct 19 (Reuters) - Turkish President Tayyip Erdogan said on Wednesday that he had agreed with his Russian counterpart Vladimir Putin to form a natural gas hub in Turkey. Speaking to members of his AK Party in parliament, Erdogan said Putin had said Europe can obtain its gas supply from the hub in Turkey. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nevzat Devranoglu; Writing by Ali Kucukgocmen; Editing by Daren ButlerOur Standards: The Thomson Reuters Trust Principles.

☆ Death toll in coal mine explosion in Turkey rises to 28 - minister
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

Media members report outside the coal mine as search and rescue operation continues after an explosion, in Amasra in the northern Bartin province, Turkey October 15, 2022. REUTERS/Cagla GurdoganBARTIN, Turkey , Oct 15 (Reuters) - An explosion in a coal mine in Turkey's northern Bartin province on Friday killed 28 people, Health Minister Fahrettin Koca said, as rescue teams continued to search for people trapped underground. Authorities said initial indications were that the blast was caused by firedamp, a term referring to methane in coal mines. In 2014, 301 workers were killed in Turkey 's worst ever mining disaster in the western town of Soma, 350 kms (217 miles) south of Istanbul. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mert Ozkan, Writing by Ezgi Erkoyun; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

☆ Turkish mine blast death toll rises to 40, one miner missing
▼ + stars: | 2022-10-15 | by ( Mert Ozkan | ) www.reuters.com time to read: +1 min

Media members report outside the coal mine as search and rescue operation continues after an explosion, in Amasra in the northern Bartin province, Turkey October 15, 2022. REUTERS/Cagla GurdoganBARTIN, Turkey , Oct 15 (Reuters) - An explosion in a coal mine in Turkey's northern Bartin province on Friday killed 40 people, Interior Minister Suleyman Soylu said on Saturday, adding that search and rescue operations were continuing for one missing miner. He said 58 of the 110 people working in the mine when the blast occurred were rescued by the teams or got out by themselves, adding there was uncertainty about one miner. Soylu said one miner was discharged from hospital while 10 were still receiving treatment in Bartin and Istanbul. Register now for FREE unlimited access to Reuters.com RegisterReporting by Mert Ozkan, Writing by Ezgi Erkoyun; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

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