Türkiye raises policy rate to 45 pct as predicted

STORY: Türkiye raises policy rate to 45 pct as predicted SHOOTING TIME: Jan. 9, 2024/Nov. 30, 2023 DATELINE: Jan. 26, 2024 LENGTH: 00:01:14 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish central bank (Nov. 30, 2023) 2. various of Turkish lira (Nov. 30, 2023) 3. various of people at cashpoints in Türkiye (Jan. 9, 2024) 4. various of Turkish lira (Nov. 30, 2023) STORYLINE: The Turkish central bank on Thursday raised its key interest rate by 250 basis points to 45 percent, in line with market expectations. The central bank's monetary policy committee said in a statement that the level of monetary tightening required to establish disinflation has been reached. "Taking into account the lagged impact of monetary tightening, the committee assesses that the monetary tightness required to establish the disinflation course is achieved and that this level will be maintained as long as needed," the statement said. According to the statement, the committee assessed that the current policy rate le

Türkiye's inflation woes persist despite economic overhaul

STORY: Türkiye's inflation woes persist despite economic overhaul SHOOTING DATE: Dec. 11, 2023 DATELINE: Dec. 13, 2023 LENGTH: 00:02:32 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people on the streets, at shopping and cashpoints in Türkiye 2. SOUNDBITE 1 (Turkish) : MELTEM GUNEY, Preschool teacher 3. various of people on the streets, at shopping and cashpoints in Türkiye 4. SOUNDBITE 2 (Turkish) : ERCAN UZUN, Municipal worker STORYLINE: A pivotal change in economic policies hasn't so far solved Türkiye's inflation problems and consumers say that a planned raise of the minimum wage will only offer short-term relief for cash-strapped households. Türkiye's annual inflation accelerated to around 62 percent in November, the highest level this year, according to official data released last week. The rate at which prices are increasing fell slightly from 3.43 percent to 3.28 percent from October to November, but figures remain high compared to the same period last year. The central ban

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. "

Turkish central bank keeps interest policy rate unchanged at 8.5 pct

STORY: Turkish central bank keeps interest policy rate unchanged at 8.5 pct DATELINE: May 26, 2023 LENGTH: 00:00:52 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish flag and Turkish central bank 2. various of Turkish lira 3. various of Turkish central bank 4. various of Turkish lira 5. various of Turkish people at cashpoints STORYLINE: Türkiye's central bank decided to keep its interest rate unchanged at 8.5 percent on Thursday before the upcoming runoff presidential elections. The bank said in a statement that it had decided to keep the policy rate unchanged in order to "preserve the growth momentum in industrial production and the positive trend in employment after the earthquake." It added that the current monetary policy stance was "adequate to support the necessary recovery in the aftermath of the earthquake by maintaining price stability and financial stability." The bank's decision is likely to disappoint many economists, who had expected it to raise rates in order to c

Turkish retailers heed gov't appeals to freeze prices amid high inflation

STORY: Turkish retailers heed gov't appeals to freeze prices amid high inflation DATELINE: Jan. 26, 2023 LENGTH: 00:03:40 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of people on the streets at cashpoints and supermarkets in Türkiye 2. SOUNDBITE 1 (Turkish): SEMRA TOPRAK, Pensioner 3. SOUNDBITE 2 (Turkish): SAHIN DURAK, Self-employed person STORYLINE: Responding to the appeals by the government, major retailers in Türkiye have launched an initiative to freeze prices and even offer discounts on many daily essential goods despite the country's steep inflation rate. A fresh wave of price increases swiped the country after the Turkish government announced a 55-percent increase in the minimum wage for 2023 in December 2022. This prompted Nureddin Nebati, minister of Treasury and Finance, to warn shops against "unfair pricing." Supermarket chains, such as Migros and discount retailers Sok, BIM and A101, announced at the start of the year that they will freeze the price of thousands of daily goods f