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Islamist rebels led by Hayat al-Tahrir al-Sham (HTS) are working to restore services in Aleppo following their recent takeover, aiming to present themselves as a viable alternative to the Assad regime. Despite challenges, including a devalued currency and service disruptions, residents report a return to normalcy with open markets and improved internet access. HTS is also attempting to reassure minority communities about their safety and governance, while navigating the complexities of administering a diverse and populous area.
Turkey's banking regulator has announced that banks and financial institutions will not be required to adopt inflation accounting in 2025. This decision alleviates potential pressure on bank earnings, as it avoids the need to adjust balance sheets for extreme price changes before the full-year results are reported.
The Turkish lira has drastically lost value over the past two decades, with an official inflation rate of 48.6% in October, though independent estimates suggest it may be closer to 90%. Consumption is seen as the best investment due to constant price increases, while the minimum wage barely covers average rent in Istanbul. As the lira stabilizes, the economic reality remains challenging for many, highlighting the disparity between debtors benefiting from hyperinflation and those struggling to make ends meet.
Turkey's annual inflation is expected to have decreased to 46.6% in November from 48.6% the previous month, according to analysts. This slowdown in consumer prices has heightened expectations that the central bank may start cutting interest rates as early as this month, with monthly price gains likely easing to 1.9%.
Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan held a phone call to discuss bilateral relations. They focused on enhancing trade and economic cooperation, with plans for further contacts between relevant departments to address current issues on the agenda.
Turkey's central bank has maintained its benchmark interest rate at 50% for the eighth consecutive month, signaling that a rate cut may be on the horizon due to a slowdown in inflation. The decision aligns with predictions from analysts surveyed by Bloomberg.
Gramercy Funds Management is actively pursuing loans to emerging-market companies following the successful raising of $760 million for its third private credit fund. The firm has already deployed approximately two-thirds of the capital and is finalizing deals in Mexico, Turkey, and Chile, as noted by partner Gustavo Ferraro.
Turkish President Recep Tayyip Erdogan has committed to ensuring that minimum wage increases will surpass inflation in 2025, aiming to protect workers" purchasing power amid ongoing price pressures. These wage adjustments are expected to significantly influence inflation rates, with hopes for a measured increase that aligns with the central bank"s forecast of a 21% inflation rate by year-end.
The cost of borrowing Turkish lira overnight in the offshore market surged above 50% for the first time since early September, as traders exited carry positions amid currency losses. The overnight forward implied yield rose 11 percentage points to 51%, indicating a retreat from long-lira positions. This shift followed a depreciation of the lira, attributed to state lenders" reluctance to defend the exchange rate aggressively.
Turkey"s ongoing battle with runaway inflation is straining its cash-centric economy, as the largest banknote, worth 200 liras ($5.80), now accounts for over 80% of all cash in circulation, a significant increase from 16% in 2010. This shift highlights the inadequacy of current currency denominations for daily transactions.
Turkish Lira
Currency
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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