Turkish central bank governor resigns

STORY: Turkish central bank governor resigns SHOOTING TIME: Feb. 2, 2024/Earlier footage DATELINE: Feb. 3, 2024 LENGTH: 00:00:52 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Hafize Gaye Erkan 2. various of the Turkish Central Bank 3. Various of Hafize Gaye Erkan's resignation message posted on X 4. various of Hafize Gaye Erkan STORYLINE: Turkish central bank governor Hafize Gaye Erkan on Friday evening announced her resignation. In a message posted on X, Erkan, the first woman governor of Türkiye's central bank, said she chose to resign after a major "reputation assassination campaign" had recently been organized against her. "To prevent my family and my innocent child, who is not even one and a half years old, from being further affected by this process, I have requested from our President to be pardoned from my duty," read her post. Turkish Finance Minister Mehmet Simsek said Erkan's decision was personal and she took it at her own discretion. "I respect her decision and th

Türkiye continues to make national currency attractive: central bank governor

STORY: Türkiye continues to make national currency attractive: central bank governor SHOOTING TIME: File DATELINE: Dec. 8, 2023 LENGTH: 0:01:11 LOCATION: ISTANBUL, Türkiye CATEGORY: ECONOMY SHOTLIST: 1. various of Türkiye's central bank (file) 2. various of Hafize Gaye Erkan, governor of Türkiye's central bank (file) 3. various of Türkiye's central bank and Turkish lira (file) 4. various of Istanbul city (file) 5. various of exchange counter and clerk in exchange counter counting U.S. dollars (file) 6. various of Istanbul Stock Exchange in Türkiye (file) STORYLINE: Türkiye's "transition to the Turkish lira" continues in line with the targets, said central bank governor Hafize Gaye Erkan on Thursday, talking about the country's efforts to use the lira in more investments and savings. Speaking at a meeting with the Banks Association of Türkiye in Istanbul, Erkan said the trend of "liraisation" in saving instruments continues to rise. The governor added that they welcomed the efforts of the banking sector t

Türkiye's central bank reserves record historic high

STORY: Türkiye's central bank reserves record historic high SHOOTING TIME: Earlier footage DATELINE: Dec. 1, 2023 LENGTH: 0:01:38 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of the Turkish Central Bank (courtesy of the Turkish Central Bank) STORYLINE: The total reserves of the Turkish central bank reached a historic high of 136.49 billion U.S. dollars as of the end of last week, according to the data announced by the bank on Thursday. Among the reserves, 90.99 billion dollars were foreign currency reserves while 45.49 billion were gold reserves. Since May, the bank's total gross reserves surged 38.35 billion dollars, or 38.6 percent. There has been an upward momentum in the bank's reserves since June. Turkish President Recep Tayyip Erdogan appointed former banker Hafize Gaye Erkan as central bank governor and Mehmet Simsek as the head of the Treasury and Finance Ministry in June. Both bankers were considered market-friendly figures. The bank had previously implemented a policy o

Turkish currency hits fresh low against greenback

STORY: Turkish currency hits fresh low against greenback SHOOTING TIME: Nov. 30, 2023 DATELINE: Dec. 1, 2023 LENGTH: 0:01:11 LOCATION: ISTANBUL, Türkiye CATEGORY: ECONOMY SHOTLIST: 1. various of Istanbul city in Türkiye 2. various of Exchange office in Istanbul, Information including Turkish lira and US dollar value information at the exchange office in Türkiye 3. various of exchange office, clerk in exchange office counting U.S. dollars in Istanbul, Türkiye 4. various of Turkish Central Bank 5. various of Hafize Gaye Erkan, the Turkish Central Bank governor 6. various of Turkish Central Bank, Turkish lira STORYLINE: The Turkish currency hit a fresh low against the U.S. dollar on Thursday, trading at nearly 29 liras per dollar. After fluctuating around the 29 thresholds in the early morning trading, the lira stood at 28.95 against the greenback at 11:15 a.m. local time (0815 GMT). The currency has lost about 35 percent of its value against the dollar since the beginning of this year. The lira hit 31.90

EuroLeague - AS Monaco v Efes Anadolu Istanbul

EuroLeague - AS Monaco v Efes Anadolu Istanbul

Player #33 Erkan Yilmaz is seen in action during the Turkish Airlines Euroleague Basketball Round 8 between AS Monaco and Efes Anadolu Istanbul (Efes Anadolu Istanbul won 89-82) in Monaco on 14 November 2023. Photo by Laurent Coust/ABACAPRESS.COM

EuroLeague - AS Monaco v Efes Anadolu Istanbul

EuroLeague - AS Monaco v Efes Anadolu Istanbul

Player #33 Erkan Yilmaz of Efes Anadolu Istanbul reacts with referee during the Turkish Airlines Euroleague Basketball Round 8 between AS Monaco and Efes Anadolu Istanbul (Efes Anadolu Istanbul won 89-82) in Monaco on 14 November 2023. Photo by Laurent Coust/ABACAPRESS.COM

EuroLeague - AS Monaco v Efes Anadolu Istanbul

EuroLeague - AS Monaco v Efes Anadolu Istanbul

Player #33 Erkan Yilmaz of Efes Anadolu Istanbul and Monaco player #11 Alpha Diallo are seen in action during the Turkish Airlines Euroleague Basketball Round 8 between AS Monaco and Efes Anadolu Istanbul (Efes Anadolu Istanbul won 89-82) in Monaco on 14 November 2023. Photo by Laurent Coust/ABACAPRESS.COM

EuroLeague - AS Monaco v Efes Anadolu Istanbul

EuroLeague - AS Monaco v Efes Anadolu Istanbul

Player #33 Erkan Yilmaz of Efes Anadolu Istanbul is seen during the Turkish Airlines Euroleague Basketball Round 8 between AS Monaco and Efes Anadolu Istanbul (Efes Anadolu Istanbul won 89-82) in Monaco on 14 November 2023. Photo by Laurent Coust/ABACAPRESS.COM

Türkiye hikes inflation forecasts amid higher food prices, weaker currency

STORY: Türkiye hikes inflation forecasts amid higher food prices, weaker currency SHOOTING TIME: Nov. 2, 2023 DATELINE: Nov. 3, 2023 LENGTH: 00:01:33 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people shopping in a supermarket 2. various of the press conference of Turkish Central Bank Governor Hafize Gaye Erkan 3. various of people shopping at a fresh vegetable bazaar STORYLINE: Türkiye's central bank on Thursday raised its inflation forecasts for 2023 and 2024, citing higher food and energy prices and a weaker currency. The bank now expects inflation to reach 65 percent by the end of 2023, up from 58 percent in its previous projection. It also increased its forecast for 2024 to 36 percent from 33 percent. Turkish Central Bank Governor Hafize Gaye Erkan said inflation will peak in May 2024 and then start to decline during a press conference, where she presented the bank's last quarterly inflation report of the year. Erkan said the upward revision was mainly due to higher import p

Türkiye's central bank doubles daily limits for rediscount credits to boost exports

STORY: Türkiye's central bank doubles daily limits for rediscount credits to boost exports DATELINE: Sept. 13, 2023 LENGTH: 00:01:31 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish Central Bank 2. various of Turkish Lira and U.S. dollar 3. various of shipping trade in Türkiye (courtesy of Ihlas news agency) 4. various of Turkish Treasury and Finance Minister Mehmet Simsek 5. various of shipping trade in Türkiye (courtesy of Ihlas news agency) 6. various of Turkish Central Bank Governor Hafize Gaye Erkan 7. various of Turkish Central Bank STORYLINE: The Turkish Central Bank said on Tuesday it had raised daily limits of the banks for utilization of rediscount credits for export and foreign exchange earning services to 3 billion liras (111.5 million U.S. dollars) from 1.5 billion liras in a bid to boost exports. "While extending rediscount credits, increase in the share of SMEs (small and medium enterprises) and export performance will be taken into account as has been the case," the centr

Türkiye's inflation climbs to 58.94 pct in Aug.

STORY: Türkiye's inflation climbs to 58.94 pct in Aug. DATELINE: Sept. 5, 2023 LENGTH: 00:01:17 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish shopping in a bazaar, stationery and fish shop (courtesy of ihlas news agency) 2. various of Turkish central bank 3. various of Hafize Gaye Erkan, governor of the Turkish Central Bank 4. various of Mehmet Simsek, Turkish Treasury and Finance Minister 5. various of Turkish shopping in a bazaar STORYLINE: Türkiye's annual inflation rose to 58.94 percent in August, marking the second consecutive month of increase since October last year due to the declining value of Turkish Lira and recent tax hikes, according to official figures on Monday. The figures from the Turkish Statistic Institute showed the consumer price index (CPI) in August rose by 9.09 percent monthly. The CPI experienced a consecutive decline from a peak of 85.51 percent in October 2022 to 38.21 percent in June 2023. The annual inflation rose to 47.83 percent in July, marking the fir

Türkiye's central bank raises interest rate to 25 pct

STORY: Türkiye's central bank raises interest rate to 25 pct DATELINE: Aug. 25, 2023 LENGTH: 00:01:22 LOCATION: Ankara CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of the Turkish central bank and Turkish lira 2. various of Hafize Gaye Erkan, Governor of the Turkish Central Bank 3. various of Mehmet Simsek, Turkish Treasury and Finance Minister 4. various of the Turkish central bank and Turkish lira 5. various of U.S. dollars STORYLINE: Türkiye's central bank on Thursday raised its benchmark interest rate by 750 basis points to 25 percent from 17.5 percent in a move against high inflation and currency fluctuations. "The Monetary Policy Committee has decided to raise the policy rate (the one-week repo auction rate) from 17.5 percent to 25 percent," the central bank said in a statement. The central bank noted recent indicators point to a continued increase in the underlying trend of inflation. The policy rate will be determined in a way that will create monetary and financial conditions necessa

Türkiye's inflation rate rises to 47.83 pct in July

STORY: Türkiye's inflation rate rises to 47.83 pct in July DATELINE: Aug. 4, 2023 LENGTH: 00:01:03 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish people on the streets 2. various of Turkish lira 3. various of Turkish people shopping in a fresh vegetable bazaar 4. various of Turkish lira STORYLINE: The annual inflation rate of Türkiye rose to 47.83 percent in July, marking the first increase since October last year, according to official statistics issued on Thursday. The consumer price index (CPI) in July rose to 47.83 percent annually and 9.49 percent monthly, according to the Turkish Statistic Institute. The CPI experienced an 8-month consecutive decline from a peak of 85.51 percent in October 2022 to 38.21 percent in June 2023. Türkiye's central bank revised its year-end inflation forecast to 58 percent last week, up from the previous forecast of 22.3 percent made in May. The bank's new governor, Hafize Gaye Erkan, said the bank would continue the monetary tightening process unti

Turkish central bank more than doubles inflation forecast to 58 pct for 2023

STORY: Turkish central bank more than doubles inflation forecast to 58 pct for 2023 DATELINE: July 28, 2023 LENGTH: 00:01:23 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish Central Bank 2. various of the press conference (courtesy of ihlas news agency) 3. SOUNDBITE (Turkish): HAFIZE GAYE ERKAN, Governor Of Turkish Central Bank (courtesy of ihlas news agency) 4. various of the press conference (courtesy of ihlas news agency) 5. various of Turkish Lira 6. various of Turkish Central Bank STORYLINE: Türkiye's central bank revised its year-end inflation forecast to 58 percent, its governor said on Thursday. The bank's previous forecast in May was 22.3 percent. The bank's new governor Hafize Gaye Erkan explained that the inflation will temporarily increase due to exchange rate and financial measures, and her bank would continue the monetary tightening process until "a significant improvement in inflation is achieved." SOUNDBITE (Turkish): HAFIZE GAYE ERKAN, Governor Of Turkish Central

TÜRKIYE-ANKARA-CENTRAL BANK GOVERNOR-INFLATION FORECAST

TÜRKIYE-ANKARA-CENTRAL BANK GOVERNOR-INFLATION FORECAST

(230727) -- ANKARA, July 27, 2023 (Xinhua) -- Hafize Gaye Erkan, Türkiye's central bank governor, speaks at an inflation report briefing in Ankara, Türkiye, on July 27, 2023. Türkiye's central bank revised its year-end inflation forecast to 58 percent, its governor said on Thursday. The bank's previous forecast in May was 22.3 percent. (Photo by Mustafa Kaya/Xinhua)

TÜRKIYE-ANKARA-CENTRAL BANK GOVERNOR-INFLATION FORECAST

TÜRKIYE-ANKARA-CENTRAL BANK GOVERNOR-INFLATION FORECAST

(230727) -- ANKARA, July 27, 2023 (Xinhua) -- Hafize Gaye Erkan, Türkiye's central bank governor, speaks at an inflation report briefing in Ankara, Türkiye, on July 27, 2023. Türkiye's central bank revised its year-end inflation forecast to 58 percent, its governor said on Thursday. The bank's previous forecast in May was 22.3 percent. (Photo by Mustafa Kaya/Xinhua)

TÜRKIYE-ANKARA-CENTRAL BANK GOVERNOR-INFLATION FORECAST

TÜRKIYE-ANKARA-CENTRAL BANK GOVERNOR-INFLATION FORECAST

(230727) -- ANKARA, July 27, 2023 (Xinhua) -- Hafize Gaye Erkan, Türkiye's central bank governor, speaks at an inflation report briefing in Ankara, Türkiye, on July 27, 2023. Türkiye's central bank revised its year-end inflation forecast to 58 percent, its governor said on Thursday. The bank's previous forecast in May was 22.3 percent. (Photo by Mustafa Kaya/Xinhua)

Türkiye's central bank expected to hike interest rate: media

STORY: Türkiye's central bank expected to hike interest rate: media DATELINE: July 20, 2023 LENGTH: 0:00:32 LOCATION: ISTANBUL, Türkiye CATEGORY: ECONOMY SHOTLIST: 1. various of Türkiye's central bank 2. various of Istanbul STORYLINE: Türkiye's central bank is likely to raise its main interest rate by 500 basis points to 20 percent, economists told the state-run Anadolu news agency on Wednesday. The bank's rate decision will be announced on Thursday at 2 p.m. local time (1100 GMT). Marek Drimal, an expert at Societe Generale's Emerging Markets Strategy research team, predicted that the central bank's rate decision would be compatible with its policy of gradual return to the economic orthodoxy. He forecast the bank would increase its rate to 20 percent from 15 percent, according to Anadolu. Last month, the bank, led by its new governor Hafize Gaye Erkan, raised the interest rate from 8.5 percent to 15 percent, the first such hike in more than two years. The rate hike marks a return to more orthodox mon

Turkish lira falls ahead of central bank decision

STORY: Turkish lira falls ahead of central bank decision DATELINE: July 19, 2023 LENGTH: 00:00:54 LOCATION: ISTANBUL, Türkiye CATEGORY: ECONOMY SHOTLIST: 1. various of Istanbul city 2. various of exchange office in Istanbul 3. various of Türkiye's central bank 4. various of Hafize Gaye Erkan, governor of Türkiye's central bank STORYLINE: Turkish lira weakened more than 2 percent on Tuesday against the U.S. dollar ahead of a key rate decision by the central bank. The lira stood at 26.96 against the dollar at 4:00 p.m. local time (1300 GMT) after falling to a record low of 27. The currency has lost about 30 percent of its value against the greenback this year. Lira's depreciation came as the central bank is due to make a decision on its key interest rate on Thursday. In June, the bank hiked the interest rates by 15 percent, the first increase in 27 months, under the central bank's new governor Hafize Gaye Erkan. President Recep Tayyip Erdogan, a staunch supporter of low rates policy despite soaring infl

Turkish lira dips after central bank hikes interest

STORY: Turkish lira dips after central bank hikes interest DATELINE: June 23, 2023 LENGTH: 00:01:30 LOCATION: ISTANBUL, Türkiye CATEGORY: ECONOMY SHOTLIST: 1. various of Istanbul city in Türkiye 2. various of an exchange office in Istanbul, Türkiye 3. various of the Istanbul Stock Exchange in Türkiye 4. various of Türkiye's central bank 5. various of Hafize Gaye Erkan, governor of Türkiye's central bank (courtesy of Ihlas news agency) 6. various of Turkish President Recep Tayyip Erdogan in Ankara, Türkiye (file) 7. various of Turkish Finance Minister Mehmet Simsek in Ankara, Türkiye (file) STORYLINE: Turkish currency on Thursday hit an all-time low against the U.S. dollar after the central bank hiked the interest rate well below market expectations. The lira hit 24.49 against the greenback on Thursday afternoon after the rate decision, dropping further from Wednesday's rate of 23.55. The currency's depreciation against the greenback has exceeded 20 percent since the beginning of the year. Meanwhile, Türk

Turkish central bank raises interest rate to 15 pct in policy U-turn

STORY: Turkish central bank raises interest rate to 15 pct in policy U-turn DATELINE: June 23, 2023 LENGTH: 00:01:22 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of the Turkish central bank 2. various of Turkish lira 3. various of people at cashpoints in Türkiye 4. various of Turkish lira 5. various of the Turkish central bank 6. Turkish President Recep Tayyip Erdogan 7. various of Hafize Gaye Erkan, the governor of the Turkish Central Bank (courtesy of ihlas news agency) 8. Turkish President Recep Tayyip Erdogan 9. various of the Turkish central bank 10. various of Turkish lira STORYLINE: The Turkish central bank on Thursday announced a benchmark interest rate hike from 8.5 percent to 15 percent, in a policy U-turn toward monetary tightening to counter higher inflation. According to a statement from the central bank, its Monetary Policy Committee made the decision to tighten monetary conditions in order to bring down inflation, stabilize inflation expectations, and control pricing behavior. "

Erdogan appoints Erkan as governor of Turkish central bank

STORY: Erdogan appoints Erkan as governor of Turkish central bank DATELINE: June 10, 2023 LENGTH: 00:01:08 LOCATION: Ankara CATEGORY: POLITICS SHOTLIST: 1. various of Hafize Gaye Erkan, the new governor of Türkiye's Central Bank (courtesy of ihlas news agency) 2. various of Türkiye's central bank 3. various of Turkish President Recep Tayyip Erdogan at the new cabinet meeting (courtesy of Turkish Presidency) 5. various of Turkish lira 6. various of Türkiye's central bank STORYLINE: Turkish President Recep Tayyip Erdogan appointed Hafize Gaye Erkan as the new governor of Türkiye's central bank, the Official Gazette announced on Friday. Graduating from industrial engineering at Istanbul's Bogazici University, Erkan has a doctorate in operations research and financial engineering from Princeton University. She has served as the former co-CEO at U.S.-based First Republic Bank, member of the board of directors at Marsh McLennan, managing director at Goldman Sachs, and board member at the jewelry firm Tiffany

Economy in focus as Türkiye heads to presidential runoff

STORY: Economy in focus as Türkiye heads to presidential runoff DATELINE: May 18, 2023 LENGTH: 00:02:37 LOCATION: Ankara CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of presidential elections in Türkiye 2. various of people shopping in Türkiye 3. SOUNDBITE 1 (Turkish): ENVER ERKAN, Chief economist At Istanbul's Dinamik Investment Securities 4. various of Turkish lira and U.S. dollar 5. SOUNDBITE 2 (Turkish): ENVER ERKAN, Chief economist At Istanbul's Dinamik Investment Securities STORYLINE: As Türkiye's presidential elections are heading to a first-ever run-off, key economic challenges lie ahead. Taming inflation while maintaining monetary stability is vital for the country's economy, experts said. On Monday, Turkish voters went to the polls to elect both their president and members of parliament for a term of five years. As none of the top two candidates reached the 50-percent threshold of vote to call an outright victory, a runoff was set for May 28. The first round of ballot saw incumbent President

Türkiye's currency woes grow as elections approach

STORY: Türkiye's currency woes grow as elections approach DATELINE: March 28, 2023 LENGTH: 00:03:55 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish flag 2. various of past elections in Türkiye (file) 3. various of earthquakes in Türkiye 4. various of Turkish central bank 5. various of Turkish lira 6. various of Turkish central bank 7. various of Turkish lira and U.S. dollar 8. SOUNDBITE (Turkish): ENVER ERKAN, Chief Economist at Istanbul's Dinamik Investment Securities STORYLINE: The ailing Turkish currency is under renewed pressure in the run-up to general elections set for mid-May as the financial cost of the devastating earthquakes is weighing on the country. The twin earthquakes in February have claimed the lives of more than 50,000 people with a huge material loss estimated at some 104 billion U.S. dollars. Following relative stability, the Turkish lira dipped over 19 per dollar, and economists predict that it may continue to weaken throughout the year. The lira has lost some 70

Traditional tea culture in Türkiye

STORY: Traditional tea culture in Türkiye DATELINE: Jan. 10, 2023 LENGTH: 0:03:40 LOCATION: Ankara CATEGORY: CULTURE SHOTLIST: 1. various of tea in Türkiye 2. various of people drinking tea 3. SOUNDBITE 1 (Turkish): OSMAN ATAK, Cafe owner in Ankara 4. SOUNDBITE 2 (Turkish): ERKAN OZPOLAT, Cashier at a shop in Ankara STORYLINE: Türkiye has a tea culture that's steeped in hundreds of years of tradition. It has become a big part of Turkish people's daily life. SOUNDBITE 1 (Turkish): OSMAN ATAK, Cafe owner in Ankara "We consume tea at any time of our daily life. In Türkiye, people mostly consume black tea which is consumed at any time of the day, starting with breakfast. When it's consumed about half an hour following meals, tea can ease the fatigue of the body, can enhance your mind, and make you feel better in general." SOUNDBITE 2 (Turkish): ERKAN OZPOLAT, Cashier at a shop in Ankara "Tea is a big part of our life, for example, in my family we don't say 'breakfast is ready,' but 'tea is ready.' We drink t

Türkiye's high inflation may cool down but cost-of-living crisis not: expert

STORY: Türkiye's high inflation may cool down but cost-of-living crisis not: expert DATELINE: Nov. 27, 2022 LENGTH: 00:02:05 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of street view in Türkiye 2. SOUNDBITE 1 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera brokerage house 3. various of shops and markets 4. SOUNDBITE 2 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera brokerage house STORYLINE: An Istanbul-based expert has said that Türkiye's rampant inflation is expected to cool down in December, but the country's worst-ever cost-of-living crisis in decades would stay on. SOUNDBITE 1 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera brokerage house "If you ask me if we have seen the peak of inflation, I would say yes. We are expecting a drop in annual inflation figures. This is the result of the base effect. The drop will remain limited in November, but will increase in the following months. There will be a more significant drop starting in December. This decrease

Turkish experts predict global recession amid U.S. Fed rate hikes

STORY: Turkish experts predict global recession amid U.S. Fed rate hikes DATELINE: Sept. 30, 2022 LENGTH: 00:02:16 LOCATION: ISTANBUL, Türkiye CATEGORY: ECONOMY SHOTLIST: 1. various of the U.S. 2. various of economic activities in the world 3. various of the U.S. 4. SOUNDBITE 1 (Turkish): MUSTAFA SONMEZ, Economist and writer 5. SOUNDBITE 2 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera Securities STORYLINE: Turkish economists have said the U.S. Federal Reserve (Fed)'s aggressive interest rate hikes, having put a lot of pressure on economies around the world, will lead to a global recession. Mustafa Sonmez, an economist and writer, points out that the Fed's successive rate hikes have triggered currency depreciation and a slowdown in economic activities in other countries. SOUNDBITE 1 (Turkish): MUSTAFA SONMEZ, Economist and writer "Countries that could keep pace with the Fed can protect their currencies to some extent, but those who have trouble doing so stay far behind. Anti-inflationary prog

Scholars warn negative effects of U.S. interest rate hikes on global economy

STORY: Scholars warn negative effects of U.S. interest rate hikes on global economy DATELINE: Sept. 22, 2022 LENGTH: 0:01:24 LOCATION: Washington D.C. CATEGORY: ECONOMY SHOTLIST: 1. various of the U.S. 2. SOUNDBITE 1 (English): JAMES MORRISON, Associate professor, London School of Economics and Political Science 3. SOUNDBITE 2 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera Securities 4. various of Türkiye 5. SOUNDBITE 3 (Turkish): KAYA ARDIC, Scholar, Piri Reis University, Türkiye STORYLINE: The U.S. Federal Reserve on Wednesday enacted the third consecutive three-quarter-point rate hike, as it continues to ramp up its fight against surging inflation. The Federal Open Market Committee (FOMC), the Fed's policy-setting body, decided to raise the target range for the federal funds rate to 3 to 3.25 percent. The Fed's latest action came after it raised the benchmark interest rate by three-quarters of a point (75 basis points) at both its June and July meetings, marking the boldest move in d

Türkiye's economic woes far from over: economist

STORY: Türkiye's economic woes far from over: economist DATELINE: Aug. 4, 2022 LENGTH: 0:02:21 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Türkiye 2. SOUNDBITE 1 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera Securities 3. SOUNDBITE 2 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera Securities STORYLINE: A Turkish expert has said that Türkiye's economic woes are far from over due to the tumbling currency, low capital inflows and looming short-term external debt. The Turkish lira weakened to near 18.0 against the dollar, trading at 17.96 on Tuesday afternoon, a record low since a currency turmoil in December 2021 when it hit an all-time low of 18.4. SOUNDBITE 1 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera Securities "The lira's recent depreciation against hard currencies, the dollar and the euro, will naturally increase the country's premium risks. This will inevitably increase the cost of risk (of borrowing) in light of the economic instability and

At least 98 people poisoned by drinking water in Turkish village

STORY: At least 98 people poisoned by drinking water in Turkish village DATELINE: July 22, 2022 LENGTH: 00:00:52 LOCATION: Ankara CATEGORY: SOCIETY SHOTLIST: 1. various of the village STORYLINE: At least 98 people Thursday were affected by mass drinking water poisoning in a village in Türkiye's northwestern Bolu province, Turkish Health Minister Fahrettin Koca announced. Fourteen of them are in intensive care, while 43 others are receiving treatment at the hospitals, Koca tweeted. He said that 53 of the patients were children, adding that there were no casualties. Bolu Province Governor Erkan Kilic said the source of the poisoning in Caydurt Yuva village might be water pollution caused by recent rains and floods. The patients were under treatment with complaints of vomiting and nausea, he said, adding that this situation has mainly been observed in children. The sample results from village water tanks are waiting to determine the reason for the poisoning, the governor said. Xinhua N

Turkey's economic woes amplified by Fed's rate hikes

STORY: Turkey's economic woes amplified by Fed's rate hikes DATELINE: June 25, 2022 LENGTH: 00:04:31 LOCATION: Ankara CATEGORY: ECONOMY/SOCIETY SHOTLIST: 1. STANDUP (English): BURAK AKINCI, Xinhua correspondent 2. various of people at shopping in Turkey (courtesy of Ihlas News Agency) 3. various of Turkish lira 4. various of Turkish President Recep Tayyip Erdogan 5. various of Turkish Finance and Treasury Minister Nureddin Nebati (courtesy of Ihlas News Agency) 6. various of US dollar 7. various of people at shopping in Turkey (courtesy of Ihlas News Agency) 8. SOUNDBITE 1 (Turkish): ENVER ERKAN, Chief economist at Istanbul's Tera Securities 9. SOUNDBITE 2 (Turkish): BAKI DEMIREL, Associate professor of economics at Yalova University STORYLINE: STANDUP (English): BURAK AKINCI, Xinhua correspondent "I'm Burak Akinci with Xinhua News Agency. I'm now in Turkey's capital city Ankara. The U.S. Federal Reserve's consecutive rate hikes to rein in rising inflation are to deal new blows to the struggling Turkish ec

Turkish houses sell like hotcakes amid high inflation

STORY: Turkish houses sell like hotcakes amid high inflation DATELINE: April 24, 2022 LENGTH: 00:02:49 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of the apartments and houses in Turkey 2. SOUNDBITE 1 (Turkish): CEM GULER, Real estate expert 3. SOUNDBITE 2 (English): ENVER ERKAN, Chief economist at Istanbul based Tera Securities 4. various of interior of an apartment STORYLINE: Residential property sales are soaring in Turkey as households believe that buying a house is a sound investment for hedging against galloping inflation, experts said. As the inflation rate topped 60 percent in March, house sales in the month jumped 20.6 percent year on year to 134,170 units, the Turkish Statistical Institute (TurkStat) announced last week. The record sales came amid shrinking supply and a slowdown in new investments due to steep cost increases in the construction industry. Real estate professionals think that the rush for houses will continue so long as the inflation rate remains elevated.

Erkan Yilmaz, Pavel Pumprla

Erkan Yilmaz, Pavel Pumprla

L-R Erkan Yilmaz (Bandirma) and Pavel Pumprla (Nymburk) in action during the Basketball Champions League initial match Nymburk vs Bandirma (Turkey) in Prague, Czech Republic, March 3, 2020. (CTK Photo/Vit Simanek)

Erkan Yilmaz, Jaromir Bohacik

Erkan Yilmaz, Jaromir Bohacik

L-R Erkan Yilmaz (Bandirma) and Jaromir Bohacik (Nymburk) in action during the Basketball Champions League initial match Nymburk vs Bandirma (Turkey) in Prague, Czech Republic, March 3, 2020. (CTK Photo/Vit Simanek)

Petr Benda, Erkan Yilmaz, Furkan Haltari, Martin Kriz

Petr Benda, Erkan Yilmaz, Furkan Haltari, Martin Kriz

(L-R) Petr Benda of Nymburk, Erkan Yilmaz and Furkan Haltari of Bandirma and Martin Kriz of Nymburk in action during the Basketball Champions League initial match Nymburk vs Bandirma (Turkey) in Prague, Czech Republic, March 3, 2020. (CTK Photo/Vit Simanek)