Turkish Central Bank

The Turkish Central Bank?s gross foreign currency reserves have decreased to below $100 billion for the first time since 2012.

The consumer confidence index in Turkey dropped to 58.52 in September, its lowest value since January 2009, the period when the global financial crisis had the greatest impact, amid political uncertainties, market fluctuations and security concerns. 

When some foreign analysts predicted a couple of months ago the U.S. dollar would reach 3 Turkish Liras, their estimate was not accepted on grounds it was too exaggerated. At that time, there were also those who estimated 3.5 liras, but they were absolutely not taken into account. 

The precipitous fall in the value of the Turkish Lira does not portend a crisis in Turkey, a key advisor to President Recep Tayyip Erdo?an said on Aug. 19.

Cemil Ertem?s remarks came a day after the lira again hit record lows against the dollar after the Turkish Central Bank announced that it was holding interest rates at current levels.

Turkey?s current account deficit narrowed in June to $3.36 billion from $4.44 billion in May, the Turkish Central Bank said on Aug. 11, helped by a slowdown in the foreign trade deficit and a fall in oil prices, which cut the cost of energy imports. 

A Reuters poll had forecasted a deficit of $3 billion.

Central Bank Governor Erdem Ba?ç? said Turkey has no fear of a planned interest rate hike by the U.S. Federal Reserve (Fed) and the bank is ready for normalization. 

Inflation in Turkey dropped sharply in June with decreasing food prices, the Turkish Statistical Institute (TÜ?K) stated on July 3, but analysts doubt that a further decline is in store. 

The Consumer Price Index dropped 0.51 percent in June from May, bringing the annual inflation rate to 7.20 percent in June from 8.09 percent in May.

Deputy Prime Minister Ali Babacan has again expressed his concern over the rule of law in Turkey, suggesting that the country could end up craving the current status of its democracy and economy in the near future if the judicial situation further deteriorates. 

Deputy Prime Minister Ali Babacan has again expressed his concern over the rule of law in Turkey, suggesting that the country could end up craving the current status of its democracy and economy in the near future if the judicial situation further deteriorates. 

As record-high food prices and the ongoing influx of Syrian refugees have become outstanding political issues before the upcoming elections in Turkey, United Nations? Food and Agriculture Organization (FAO) Director-General José Graziano da Silva has warned that escalating conflicts in the neighborhood have threatened food security in the entire Middle East.