Sunday , January 29 2023

Turkey: at the highest level in the last 15 years of the International Economy


Annual inflation in Turkey jumped to 25% in October, according to official data released today, at the highest level in the past 15 years, reflecting the impact of the Turkish lira crisis on the economy.

On a monthly basis, consumer prices rose by 2.67%, according to Turkish statistics, which is more than 2.0% of the forecast in the Reuters survey.

Due to the fall in the pound, the government has reduced the growth forecast and investors say that the growth of Turkish GDP could be negative in the coming quarters, discouraging any move by the central bank to raise interest rates to counter high inflation.

The exchange rate of the Turkish currency fell to 5.4740 pounds against the dollar at 10:20 Greece in the time of 5.43 earlier.

Source: RES-EAP

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