Turkey is introducing “sound policies” to control sky-high inflation and revive the lira, the country's Finance Minister Mehmet Simsek said on Wednesday.
Ankara’s structural reform agenda is aimed at generating confidence in the country’s economy, which would result in higher portfolio and foreign direct investment flows into the country, Mr Sinsek told the Future Investment Initiative summit in Riyadh.
“That would lead to real exchange rate appreciation, which would foster speedier disinflation,” he said during a panel session.
“That's really the game plan, and I think we're on track.”
High inflation remains Turkey’s main risk and policy challenge. Annual inflation rose sharply in September to 61.5 per cent, as strong core inflation pressures were exacerbated by a sharp depreciation in the lira.
Last month, Turkey’s central bank raised the interest rate to 30 per cent, from 25 per cent, to counter rampant inflation and win back market confidence.
The banking regulator expects inflation to hit 58 per cent by the end of 2023, lower than Fitch’s projection of 65 per cent.
“There is conventional monetary tightening, in addition to selective credit tightening, as well as quantitative tightening, so that should help anchor inflation expectations going forward,” Mr Sinsek said.
“It's easy to lose trust, confidence or credibility, but it takes time to regain in terms of policy.”
Turkey continues to deal with the fallout from the earthquake that shook it and Syria in March, with the cost of relief and reconstruction efforts leading to a deeper government deficit.
Up until the February earthquake, Turkey's economy had been performing well. Its economy posted the third highest growth among G20 countries in 2022, rising 5.6 per cent, trailing India and Saudi Arabia.
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About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
The specs: 2019 Cadillac XT4
Price, base: Dh145,000
Engine: 2.0-litre turbocharged in-line four-cylinder engine
Transmission: Nine-speed automatic
Power: 237hp @ 5,000rpm
Torque: 350Nm @ 1,500rpm
Fuel economy, combined: 8.7L / 100km
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
Soldier F
“I was in complete disgust at the fact that only one person was to be charged for Bloody Sunday.
“Somebody later said to me, 'you just watch - they'll drop the charge against him'. And sure enough, the charges against Soldier F would go on to be dropped.
“It's pretty hard to think that 50 years on, the State is still covering up for what happened on Bloody Sunday.”
Jimmy Duddy, nephew of John Johnson
