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 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       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 increases to 19.25% in August 2021       Turkey’s official unemployment rate shoots back up to 12% in July 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020