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BREAKING
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

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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Iraq welcomes PKK’s disarmament as step toward regional stability

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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