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Al Mayadeen's correspondent: 35 martyrs, 75 injured in occupation targeting of civilians seeking food aid in Rafah, Khan Younis, southern Gaza.
Da Silva: What is happening in Gaza is not a war, it is a genocide
Da Silva: Even the Jewish people do not want this war; it is revenge by a government against the possibility of establishing a Palestinian state
Brazilian President Lula da Silva: What we are seeing is not a war between two armies. [What we have is a] completely professional army that is killing women and children in the Gaza Strip.
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period

Turkey maintains floating exchange rate, 5% inflation in 2022

  • By Al Mayadeen Net
  • Source: Agencies
  • 29 Dec 2021 18:59
3 Min Read

Turkey's central bank will be adopting a series of new policies, which will entail maintaining the country's inflation rate at 5%.

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  • The Turkish lira's deterioration led Turkey to an economic crisis
    The Turkish lira deterioration led Turkey to an economic crisis.

Turkey's Central Bank on Wednesday presented its monetary and exchange rate policy for 2022, which will see Turkey maintaining its floating exchange rate and keeping the medium-term inflation target at 5%.

"The primary objective of the Central Bank of the Republic of Turkey (CBRT) is to achieve and maintain price stability. The medium-term inflation target of 5% set jointly with the Government has been maintained. The monetary policy will be formulated to bring inflation to the target gradually," the regulator said.

The statement added that the bank would continue applying the inflation targeting regime, and its main policy instrument is expected to be the one-week repurchase agreement auction rate.

"The implementation of the floating exchange rate regime will continue, and exchange rates will be determined by supply and demand factors balancing under free-market conditions," the bank added. 

The central bank will also be increasing Turkey's foreign exchange reserves in 2022, depending on the market conditions.

The Turkish economy has been undergoing hardship throughout the past year due to the deterioration of the national currency. The Turkish Lira lost more than 50% of its value over 2021, which led the central bank to reduce the interest rate several times.

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Erdogan: Turkey's goal is to enter the top 10 economies globally

Turkish President Recep Tayyip Erdogan had said Tuesday his government's new economic measures took the country out of a so-called vicious cycle, and Turkey’s goal is to enter the top 10 economies of the world.

"Our way is investments, employment, production, export, and growth. Our goal is to enter top 10 world economies," said Erdogan at an awards ceremony of the TUBITAK council for scientific and technological studies.

More than 5000 people protested had in mid-December in Istanbul against the lira's devaluation and the decrease in the purchasing power, calling for the government's resignation.

Inflation in Turkey

In January 2021, the Turkish Lira traded at 7.4 TRY/USD. In December, it traded at the low price of 18.4 TRY/USD.

The lira's drop is attributed to Turkish President Recep Tayyip Erdogan announcing new measures against currency fluctuations.

The presidential decision led to the opposition demanding early elections after accusing Erdogan of dragging the country into an economic crisis.

Erdogan denied the accusations, saying the elections would be held as planned, in July 2023, to be specific.

  • Turkey
  • Recep Tayyip Erdoğan
  • USD
  • inflation

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