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US News Inflation in Turkey much worse than expected, the collapse of the book in question!

00:45  04 december  2021
00:45  04 december  2021 Source:   ouest-france.fr

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L’inflation en Turquie bien pire que prévu, l’effondrement de la livre en cause ! © Pixabay Inflation in Turkey much worse than expected, the collapse of the book in question! At the highest for three years, inflation is four times higher than government forecasts.

Inflation continues to jump in Turkey. The increase in consumer prices reached 21.31% year-on-year in November in Turkey (+ 1.5 points compared to October), after the Turkish pound tumble, according to official figures published on Friday. This inflation, more than four times higher than the initial goal of the government and the highest for three years, is explained in particular by the fall of the Turkish book, which saw its value melt of more than 45% against the dollar since The beginning of the year and nearly 30% since the end of October, which adds imports.

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In October, inflation reached 19.89% in annual sliding. Turkish President Recep Tayyip Erdogan, who replaced the Minister of Finance on Wednesday by his deputy, again rejected this week any inflection in his controversial economic policy. The head of state thus continues to advocate low interest rates, arguing back in conventional economic theories that high rates promote rising prices.


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The key number a new Once lowered

Faced with the prospect of new interest rate cuts, the Fitch Ratings rating agency has announced Friday to have lowered, stable to negative, the prospect of Turkey's sovereign debt. In accordance with the wish of the President, the Turkish Central Bank - officially independent - lowered its key rate in November (from 16 to 15%) for the third time in less than two months, at the risk of further increasing inflation. Turkey is experiencing two-digit inflation almost no discontinued since the beginning of 2017, making the cost of living hardly bearable for many families.

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