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Top executives at some of Italy’s largest companies, including utility Enel and lender UniCredit (CRDI.MI), tuned in for a Zoom chat on Wednesday with President Vladimir Putin to discuss economic ties with Russia. The corporate conundrum leaves other European businesses with chunky Russian exposure, especially in Germany, feeling nervous. U.S. President Joe Biden on Tuesday threatened Russia with export controls and other tough sanctions if it invades Ukraine again. For all its tough talk, the European Union will have a hard time shutting off Moscow economically. The EU invested 311 billion euros in Russia in 2019, says the European Commission.
Persons: Vladimir Putin, Tayyip Erdogan, Mikhail Klimentyev, UniCredit, Joe Biden, Pirelli, Putin, Société, Gerhard Schröder, Karin Kneissl, Dasha Afanasieva, Lisa Jucca, Ed Cropley, Karen Kwok, Oliver Taslic Organizations: Pioneering, Sputnik, REUTERS LONDON, Reuters, Russia, European Union, Companies, European, Gazprom, Austrian, Thomson Locations: Turkish, Black, Anapa, Russia, Kremlin, Ukraine, Rome, Germany, European, Moscow, China, United States, Italy, France, EU, Spain, Washington, Brussels, London, Milan
Ex-Senator Flake takes over as U.S. ambassador to Turkey
  + stars: | 2022-01-26 | by ( )   time to read: +1 min
Former Senator Jeff Flake (R-AZ) walks through the U.S. Capitol in Washington, U.S., October 19, 2021. Senator Jeff Flake officially became U.S. ambassador to Turkey on Wednesday at a critical time for the NATO allies, after presenting his letter of confidence to President Tayyip Erdogan. After Trump and Erdogan had warm personal ties, President Joe Biden has taken a cooler approach towards Turkey. One of his first steps in the White House was recognising the 1915 massacre of Armenians as genocide - a position that infuriated Turkey. Register now for FREE unlimited access to RegisterReporting by Tuvan Gumrukcu; Editing by Jonathan SpicerOur Standards: The Thomson Reuters Trust Principles.
Persons: Jeff Flake, Elizabeth Frantz ANKARA, Jan, Tayyip Erdogan, Donald Trump, Flake, David Satterfield, Trump, Erdogan, Joe Biden, Jonathan Spicer Organizations: U.S, Capitol, REUTERS, Republican U.S, NATO, Ukraine, Russia,, Thomson Locations: Washington , U.S, U.S, Turkey, Ankara, of Africa, Russia, Kyiv, Moscow, Washington, Russian, Syria, Libya, Ethiopia, Afghanistan, Qatar
Turkey's Erdogan says Russia would be unwise to invade Ukraine
  + stars: | 2022-01-26 | by ( )   time to read: +2 min
ISTANBUL, Jan 26 (Reuters) - Russia would be unwise to attack Ukraine and in that case Turkey would do what is necessary as a NATO member, President Tayyip Erdogan said on Wednesday. read moreRegister now for FREE unlimited access to Register"I hope that Russia will not make an armed attack or occupy Ukraine. While forging cooperation with Russia on defence and energy, Ankara has also sold sophisticated drones to Ukraine, angering Moscow. "I repeat that we are ready to do whatever is necessary and I conveyed these messages to President Putin and President (Volodymyr) Zelenskiy," Erdogan said. Last week diplomatic sources said both Russia and Ukraine were open to Turkey playing a role in resolving the crisis.
Persons: Jan, Tayyip Erdogan, NTV Erdogan, Vladimir Putin, Erdogan, Putin, Volodymyr, Zelenskiy, Ezgi Erkoyun, Jonathan Spicer, Leslie Adler, Grant McCool Organizations: NATO, NTV, Kyiv, Thomson Locations: ISTANBUL, Russia, Ukraine, Turkey, Moscow, Ankara, Syria, Libya, Crimean, NATO, Zelenskiy
Turkish lira dips, minister sees more forex converted to lira
  + stars: | 2022-01-24 | by ( )   time to read: +3 min
Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. It tumbled 44% last year after the central bank slashed its policy by 500 basis points to 14% since September, but has steadied this month. In a statement, his ministry also cited Nebati as saying that project banking would be accelerated and that value-added tax would be simplified. Turkey's parliament last week approved a law under which lira deposits converted from forex under a scheme to support the currency will be exempt from corporate income tax on gains resulting from the conversion. read moreCompanies have some $90 billion worth of foreign currency bank deposits, central bank data shows.
Persons: Murad Sezer, Jan, Nureddin Nebati, Nebati, Tayyip Erdogan, Nevzat, Daren Butler, Jonathan Spicer Organizations: REUTERS, Thomson Locations: Istanbul, Turkey, ISTANBUL, Friday's
Turkey's improving ties with Russia has been a headache for NATO amid the alliance's tensions with Moscow. Turkey has NATO's second-largest standing army and is centrally located in a strategically significant region, which makes it an indispensable ally. Russia, less of a military threat than the USSR, became Turkey's second-largest trading partner (after the EU) in 2008. Russia is building several nuclear reactors for Turkey, and Erdogan has refused to rule out purchasing more Russian military equipment. While Turkey supports an increased NATO presence in the Black Sea to counter Russia, it also does not want to provoke a crisis.
Persons: OZAN KOSE, Recep Tayyip Erdoğan, Vladimir Putin, Erdoğan, Erdogan, Kay Nietfeld, Erdoğan's, Turkey's, Stephen Flanagan, DELIL SOULEIMAN, Flanagan Organizations: Service, Getty, Russo, NATO, EU, West, RAND, Turkish, Ukraine Locations: Russia, Moscow, Ankara, NATO, Turkey, Istanbul, Syria, AFP, Turkish, Greece, Soviet Union, USSR, Brussels, Cyprus, Crimea, Russian, Libya, Ukraine, Ukrainian, Georgia, North Africa
(CNN) A Turkish journalist has been sent to prison for "insulting" the nation's President Recep Tayyip Erdogan. Sedef Kabas was arrested in Istanbul on Saturday following a live interview on the opposition TV channel Tele1 last Friday, according to Turkey's state broadcaster Turkish Radio and Television, TRT Haber. Kabas used traditional Turkish proverbs to make references to Erdogan without actually giving the President's name. "A crowned head gets wiser, but we see that it is not true," she said in reference to Erdogan's nearly 20 years in power since becoming prime minister then president. She then said: "When a cattle enters a palace, he will not be a king, but that palace becomes a barn."
Persons: Recep Tayyip Erdogan, Sedef Kabas, TRT Haber, Kabas, Erdogan Organizations: CNN, Turkish Radio, Television, TRT Locations: Turkish, Istanbul
Turkish journalist arrested for insulting Erdogan -CNN Turk
  + stars: | 2022-01-22 | by ( )   time to read: +2 min
ISTANBUL, Jan 22 (Reuters) - A Turkish court on Saturday ordered well-known journalist Sedef Kabas to be jailed pending trial on a charge of insulting President Tayyip Erdogan, CNN Turk said, targeting her with a law under which tens of thousands have been prosecuted. Register now for FREE unlimited access to Register"The honour of the presidency's office is the honour of our country... The law on insulting the president carries a jail sentence of between one and four years. read moreThousands have been charged and sentenced over the crime of insulting Erdogan in the seven years since he moved from being prime minister to president. Since 2014, the year Erdogan became president, 160,169 investigations were launched over insulting the president, 35,507 cases were filed and there were 12,881 convictions.
Persons: Jan, Sedef Kabas, Tayyip Erdogan, CNN Turk, Kabas, Merdan Yanardag, Erdogan, Daren Butler, Alex Richardson Organizations: Saturday, CNN, Police, Turkey's Communications, Twitter, Tele, Ministry, Thomson Locations: ISTANBUL, Turkey
REUTERS/Murad Sezer/File PhotoLONDON/NEW YORK, Jan 21 (Reuters) - More governments are seeking ways to prevent surging inflation whipping up economic trouble - and even public unrest - without raising interest rates. Efforts by right- and left-wing governments to rein in galloping inflation have seen price freezes on many products and capital controls. The central bank recently raised interest rates to 40% from 38%. Zimbabwe printed so much money-- including a Z$100 trillion banknote -- that its inflation rate hit 500 billion percent in 2008, rendering the currency almost worthless. Inflation receded in the early 1980s after interest rate hikes and an easing in oil prices.
Persons: Murad Sezer, Tayyip Erdogan, Gilles Moec, Goldman Sachs, Alberto Ramos, Nicholas Maduro, bolivar, Fernando Collor de Mello, JPMorgan's, Cerveira, AXA's Moec, Marc Jones, Rodrigo Campos, Catherine Evans Organizations: REUTERS, Register Turkey, Reuters Graphics, Reuters, VENEZUELA, IMF, Inter, American Development Bank, JPMorgan reckons, Democratic, Thomson Locations: Istanbul, Turkey, TURKEY, Reuters Graphics ARGENTINA, Argentina, Venezuela, BRAZIL, Brazil, POLAND, Poland, CONGO, ZIMBABWE, Democratic Republic of Congo, Zimbabwe, Harare, FRANCE, MEXICO, Mexico, Bretton Woods, United States, stagflation, France, Britain, London, New York
Ukraine crisis: what next after the Blinken-Lavrov talks?
  + stars: | 2022-01-21 | by ( )   time to read: +3 min
Jan 21 (Reuters) - Here is a snapshot of what to look out for next in the Ukraine crisis after the latest U.S.-Russia talks produced - as expected - no breakthrough. This is partly a trap, of course, because any such written response will be used to discredit the U.S. negotiating position." Russia accuses Ukraine of planning to retake the areas by force, which it denies. The French and German foreign ministers are expected to visit eastern Ukraine in a further show of solidarity with Kyiv. Russia, however, says it wants to move fast and is not prepared to let talks drag on indefinitely.
Persons: Antony Blinken, Tatiana Stanovaya, Sergei Lavrov, Joe Biden, Vladimir Putin, Putin, Emmanuel Macron, Tayyip Erdogan, Mark Trevelyan, Angus MacSwan Organizations: NATO, Russian, EAST, EU, Kyiv, European Union, Thomson Locations: Ukraine, U.S, Russia, Moscow, Ukrainian, Belarus, EAST UKRAINE, Russian, United States, Kyiv
Torossian's clients have included the government of Turkish President Recep Tayyip Erdogan, who has been criticized for anti-democratic power grabs. The mayor's office website says he came to the United States in the 1970s as a refugee from Ukraine. Since joining Adams' administration just over two weeks ago, Mermelstein said he's met leaders from Belgium, France, Italy, India, Israel, Qatar and Australia. He said he has not been in touch with any business executives and has focused his time on diplomatic circles. New York City is the center of the universe and we need an international affairs commissioner with extensive global experience, including leadership of a UN-recognized international search and rescue organization," the spokesman said.
Persons: Eric Adams, Viktor Vekselberg, Edward Mermelstein, Adams, Ronn Torossian, Recep Tayyip Erdogan, Mermelstein, Marjorie Bloomberg Tiven, Michael Bloomberg, Forbes, Goldman Sachs, Morgan Stanley, he's, John Kaehny, Kaehny, Ed Organizations: York, Trump Organization, U.S ., New, United Nations, CNBC, Wall, Credit Suisse, Holdings, ZAKA, UN, Mayor's, International Affairs Locations: Turkish, Russian, American, United States, Ukraine, New York, Belgium, France, Italy, India, Israel, Qatar, Australia, Albany, New York City
ISTANBUL—Turkish President Recep Tayyip Erdogan is set to meet Thursday with the leader of El Salvador, the first country to make bitcoin legal tender, while the Turkish central bank kept interest rates on hold in a move that will likely do little to arrest the country’s currency crisis. With El Salvador planning to launch a $1 billion bitcoin-backed bond, Turks and foreign investors are watching closely to see if the meeting between Mr. Erdogan and President Nayib Bukele in Ankara marks a shift in how Turkey’s government views cryptocurrencies, despite the past month’s slump in bitcoin’s dollar value.
Persons: Recep Tayyip Erdogan, El, Erdogan, Nayib Bukele, cryptocurrencies Organizations: El Locations: ISTANBUL, El Salvador, Turkish, Ankara
Turkish lira weakens ahead of central bank rate decision
  + stars: | 2022-01-20 | by ( )   time to read: +1 min
Turkish lira banknotes are seen in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/IllustrationISTANBUL, Jan 20 (Reuters) - The Turkish lira lost 0.4% against the dollar on Thursday ahead of a central bank rate-setting meeting, where the bank is expected to put a cycle of rate cuts on pause. The lira stood at 13.49 against the dollar at 0652 GMT, weakening from Wednesday's close of 13.4255. The currency declined 44% last year on the back of cuts in the policy rate totalling 500 basis points between September and December, an easing long sought by President Tayyip Erdogan. All but one of 16 economists in a Reuters poll expect the bank to hold the benchmark rate steady at 14%, after the central bank said the impact of the policy decisions will be monitored in Q1 2022.
Persons: Murad Sezer, Jan, Tayyip Erdogan, Ezgi Erkoyun, Dominic Evans Organizations: REUTERS, Thomson Locations: Istanbul, Turkey, ISTANBUL
Turkey is also holding talks on hosting the next meeting of the OSCE Minsk Group, at which Ukraine's eastern Donbass region will be discussed, the sources told reporters on condition of anonymity. No date has been set for an Istanbul meeting but representatives from Russia, Ukraine, the OSCE Minsk group and from Donbass were expected to attend, they said, adding the group would meet "frequently". "Both Russia and Ukraine are warm to Turkey's mediation," one of the sources said. Ukraine has welcomed Turkey's involvement in negotiations with Russia. Ukraine has also bought Turkish drones to use in its war against Russian-backed forces in eastern Ukraine, angering Moscow, and agreed a deal with Ankara on manufacturing the drones locally this year.
Persons: Erdogan, Jan, Dmitry Peskov, Tayyip Erdogan, Vladimir Putin, Volodymyr Zelenskiy, Putin, Zelenskiy, Peskov, Natalia Zinets, Dmitry Antonov, Vladimir Soldatkin, Daren Butler, Jonathan Spicer, Toby Chopra, Jonathan Oatis Organizations: Minsk Group, OSCE Minsk Group, OSCE Minsk, Moscow, NATO, Kyiv, European Union, Thomson Locations: Turkey, Ukraine, ANKARA, Russia, Ankara, Donbass, Istanbul, Minsk, Moscow, Syria, Libya, Crimean, Turkish, Russian, European, Kyiv
ISTANBUL, Jan 27 (Reuters) - Turkey's central bank hiked its year-end annual inflation forecast to 23.2%, from 11.8% previously, and its chief dismissed the notion that a series of unorthodox interest rate cuts sent inflation soaring and the lira tumbling. read moreBut the central bank, which has consistently undershot actual inflation in the last few years, said inflation was heading lower and predicted a mid-point of 23.2% for the consumer price index at end-2022. The lira weakening "has nothing to do with the rate cuts" and would have happened irrespective, said Kavcioglu, whom Erdogan appointed in March of last year. He added that rising inflation was not completely due to rate cuts. Erdogan, who has long held the unorthodox view that interest rates cause inflation, launched a new economic programme last year that prioritises low rates, exports, lending and investment.
Persons: Jan, Sahap Kavcioglu, Tayyip Erdogan, Kavcioglu, Erdogan, Nevzat Devranoglu, Jonathan Spicer Organizations: Toksabay, Thomson Locations: ISTANBUL
Populist parties and politicians lost support all over the world during the coronavirus pandemic, a survey of more than half a million people has found. The mishandling of the Covid-19 crisis by populist leaders, a desire for stability and a decline in polarizing attitudes were swaying public opinion away from populist sentiment, researchers said. Populist leaders were also considered to be less trustworthy as sources of Covid-related information than their centrist counterparts, the poll found. Opposition populist parties also lost support during the pandemic, while "mainstream" opposition parties gained supporters. Approval of the way governments handled the Covid crisis also showed rising skepticism toward populist leaders' competence.
Persons: Donald Trump, Roberto Foa, Turkey's, Erdogan, Xavier Romero, Vidal, Fidesz —, , tribalism Organizations: Populist, Cambridge University's Bennett Institute for Public Policy, U.S, Star, Fidesz Locations: Des Moines , Iowa, Eastern Europe, Europe, Italy, France, U.S
Royal Match, a puzzle game developed by Turkey's Dream Games, is now played by 13 million people each month. Istanbul-based mobile game developer Dream Games has raised $255 million in a new round of funding, the company told CNBC. Mobile gaming — and tech more broadly — is proving to be a bright spot in an otherwise hellish economic landscape in Turkey. Turkish tech goes globalDream Games was founded in 2019 by former executives at Peak Games, another mobile gaming start-up which was acquired by Zynga for $1.8 billion. "Mobile gaming gives them the opportunity to reach a global audience for the first time."
Persons: Recep Tayyip Erdogan, Soner, Aydemir, Getir, Stephane Kurgan Organizations: Turkey's, CNBC, Index Ventures, Fund, Balderton, BlackRock, Mobile, U.S, Peak Games, Zynga, Games, Ventures, Dream, Pixar Locations: Turkey, Istanbul, Turkish, America
A second person familiar with the matter said bank general managers were calling clients with at least $5 million in foreign deposits to pitch the new programme, while others approached those with smaller holdings. read moreAlong with currency interventions last month, the scheme helped spark a sharp lira rally. Out of those, Ziraat Bank declined to comment, while Vakif Bank (VAKBN.IS) and Halk Bank (HALKB.IS) did not respond to requests sent on Friday. Most, however, has come from existing lira accounts, not from dollars or euros, Reuters has reported. read more read moreIn order to boost uptake, the government added corporate currency accounts to the scheme last week.
Persons: Jan, Tayyip Erdogan, Nureddin Nebati, Erdogan, Erich Arispe, Nevzat Devranoglu, Ali Kucukgocmen, Jonathan Spicer, Tomasz Janowski Organizations: Reuters, Treasury, Ziraat Bank, Vakif Bank, Halk Bank, Finance, Fitch, Thomson Locations: ISTANBUL, forex, Ankara
The depreciation of the Turkish lira weakened the purchasing power of citizens. "Foreign institutional investors don't want to invest in Turkey because of the absolutely crazy monetary policy settings imposed by Erdogan," he wrote. His tweet featured an article by Israeli daily Haaretz entitled "Even the Turkish Lira stopped believing in Erdogan." Dropping central bank reservesAn avowed opponent of interest rates, Erdogan instead outlined an alternative set of measures to bolster the lira. And central bank reserves are already falling: Central bank gross reserves decreased by $1.6 billion to $109.4 billion in the first week of January, according to Goldman Sachs, "driven by the decline in foreign currency reserves which stood at US$71.0 billion."
Persons: Recep Tayyip Erdogan, Erdogan, Timothy Ash, , Tayyip Erdogan, Steve Hanke, Turkish Lira, Goldman Sachs, that's, Jason Tuvey, Tuvey Organizations: NurPhoto, Getty Images, Wednesday, Reuters, Bluebay Asset Management, RTE, Johns Hopkins University, Twitter, Haaretz, Capital Economics Locations: Istanbul, Turkey, Turkish, Erhan, Central
The lira shed 44% of its value in 2021, its worst performance in Erdogan's near two decades in power. "The swelling inflation is not in line with the realities of our country," Erdogan said, adding that the government's measures would soon soften the burden of "unjust" price hikes. Under pressure from Erdogan, who seeks higher growth by boosting production and exports, the central bank has slashed its policy rate by 500 basis points to 14% since September. In its previous report last June, it had seen growth of 5.0% in 2021 and 4.5% in both 2022 and 2023. read moreGoldman Sachs said it expected Turkish authorities to attempt "more administrative and regulatory measures" to curb inflation before making an eventual monetary policy U-turn.
Persons: Goldman Sachs, Jan, Tayyip Erdogan, Erdogan, Carlos de Sousa, Marc Jones, Ezgi, Daren Butler, Gareth Jones Organizations: Bank, World Bank, Turkey, Treasury, Vontobel Asset Management, Thomson Locations: Ankara, ANKARA, Erdogan's, Tuesday's, Turkey, London, Istanbul
Turkish lira up slightly as stop-gap measures tested
  + stars: | 2022-01-10 | by ( )   time to read: +3 min
The currency slumped 44% in 2021, suffering its worst year since President Tayyip Erdogan's AK Party came to power in 2002. read moreThe government introduced a lira deposit-protection scheme last month to encourage savers to convert forex deposits and support the lira after it hit a record low of 18.4. Under pressure from Erdogan - aiming to boost growth through higher production and exports - the central bank lowered its policy rate by 500 basis points to 14% since September. Atilla Yesilada from Istanbul Analytics said in a note he expected Erdogan to announce early elections in June, with a 65% probability. There was a 25% probability of a September-October election and a 10% probability of it happening as scheduled next year, he said.
Persons: Jan, Tayyip Erdogan's, Nureddin Nebati, Commerzbank, Erdogan, Harriman, Atilla, Nevzat Devranoglu, Daren Butler, Jonathan Spicer Organizations: Tayyip Erdogan's AK Party,, AK Party, Analysts, Istanbul Analytics, Thomson Locations: ISTANBUL, Atilla Yesilada, Istanbul
Nearly two-thirds of 49 foreign exchange strategists polled by Reuters between Jan. 4-6 said interest rate differentials would dictate sentiment in major FX markets in the near term, with only two concerned about new coronavirus variants. While the dollar's dominance is nearly universal, as in previous Fed tightening cycles, emerging market currencies are likely to feel it the most. "The macro backdrop looks challenging for emerging market assets," said Kamakshya Trivedi, co-head of global FX, rates and EM strategy at Goldman Sachs. Reuters Poll: Major currency market outlookAmong the emerging currencies polled on, the tightly-controlled Chinese yuan was predicted to depreciate nearly 2% to 6.5 per dollar in a year. Most major currencies were also not expected to recoup their 2021 losses over the next 12 months.
Persons: There's, Kerry Craig, Kamakshya Trivedi, Goldman Sachs, Tayyip Erdogan's, Jonas Goltermann, Hari Kishan, Vivek Mishra, Sarupya Ganguly, Anant Chandak, Ross Finley, Catherine Evans Organizations: U.S, Federal Reserve, Reuters, Morgan Asset Management, FX, Malaysian, Tayyip Erdogan's AK Party, Swiss, Capital Economics, Thomson Locations: BENGALURU, Jan, U.S, Japan, Europe, China, depreciate, Philippine
Turkish lira dips, business group chief questions policy
  + stars: | 2022-01-06 | by ( Can Sezer | )   time to read: +3 min
The currency weakened to 13.89 against the dollar, before trimming its losses to 13.745 by 0800 GMT. Simone Kaslowski, chairman of Turkey's leading TUSIAD business association, said on Wednesday evening the leap in annual inflation to 36.1% clearly showed the need to reconsider the policy steps Turkey has taken. Market interest rates were rising despite the central bank rate cuts and dollarisation was continuing to increase, he said, questioning whether Turkey was "missing the big picture as we turn to short-term temporary solutions". In its yearly policy text last year, the central bank said it may resort to government bond purchases as a part of its open market operations. Urged on by Erdogan in his bid to boost economic growth through higher production and exports, the central bank has lowered its policy rate by 500 basis points to 14% since September.
Persons: Dado Ruvic, Lira, Cenbank, Jan, Tayyip Erdogan's, Simone Kaslowski, Turkey's, dollarisation, Nureddin Nebati, Erdogan, Daren Butler, Jonathan Spicer, Alex Richardson Organizations: REUTERS, Tayyip Erdogan's AK Party, Finance, Thomson Locations: ISTANBUL, Turkey
Turkish lira and U.S. dollar Resul Kaboglu | NurPhoto via Getty ImagesTurkey's lira tumbled again overnight over rising inflation fears, with markets showing little faith in President Recep Tayyip Erdogan's promises that the worst of the country's economic turmoil is over. Inflation in the country of 84 million hit a 19-year high of 36.1% for December, the highest in all of Erdogan's tenure as president. And economists warn it could still go up, thanks to Erdogan's unorthodox policy of cutting and refusing to raise interest rates, a standard tool used by monetary policymakers to cool down rising costs and strengthen local currencies. Critics say this plan is unsustainable, will further deplete Turkey's already low FX reserves, and is essentially one large hidden interest rate hike. "The result of a collapsing currency is inflation.
Persons: Recep Tayyip Erdogan's, Erdogan, We've, Christopher Payne Organizations: NurPhoto, Getty, greenback, FX, Real Estate Management, CNBC, Consumer Locations: Istanbul, Dubai
Jan 4 (Reuters) - After inflation surged to a 19-year high of 36.1% last month, Turkey has pushed through a series of price hikes at the start of the year which are set to add to cost pressures as Ankara pursues an unorthodox interest-rate cutting policy. The monthly price rise was 15% for power generators. RAILWAYSTicket prices for the Marmaray rail service through a tunnel underneath the Bosphorus Strait in Istanbul rose by 36%. GRAINSTurkey's TMO state grain board announced price hikes of some 23-24% for wheat and barley to support farmers. Bus fares in Istanbul rose by around 36%.
Persons: Tayyip Erdogan, BOTAS, Daren Butler, Jonathan Spicer, Tomasz Janowski Organizations: Regulatory, Energy, Petroleum, Gas Stations Employers Union, RAILWAYS, Turkish Railways, Thomson Locations: Turkey, Ankara, Bosphorus, Istanbul
ISTANBUL, Jan 4 (Reuters) - Turkey's lira weakened 1.4% on Tuesday as investors weighed the consequences of a surge in the country's inflation rate to its highest in 19 years following the implementation of an unorthodox rate-cutting policy. The lira stood at 13.15 to the dollar, as of 0500 GMT, weakening from a close of 12.96 on Monday. The lira hit a record low 18.4 two weeks ago before rebounding following the government's steps to support the unit. Last year, the lira weakened 44%, making it by far the worst performer in emerging markets and marking its worst year since President Tayyip Erdogan came to power nearly two decades ago. To curb the lira weakness, Erdogan unveiled a scheme two weeks ago in which the state protects converted local deposits from losses versus hard currencies.
Persons: Jan, Tayyip Erdogan, Erdogan, Daren Butler, Sherry Jacob, Phillips Organizations: Thomson Locations: ISTANBUL
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