NEWS Finance        02/02/2021

Turkish Central Bank sends letter of intent to the Government

The Turkish Central Bank has sent an open letter to the Turkish Ministry ıf Treasury and Finance outlining the reasons behind the current rate of inflation, and the precautions that need to be taken in order to stabilise the rate down to the target of 5%. This letter confirms the previous announcements made by the Bank and its governor to implement a tighter monetary policy to stabilise prices.


The reason behind sending this letter is to ensure that the government provides the necessary support and compliance for the Bank’s policies to be performed effectively. The letter therefore appears to have been used as a political tool, and to this end may not be looked on favourably by the government.


Click here for the Bank’s letter



Turkey’s net minimum wage has been raised 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021