Erdogan’s gamble: What’s behind Turkey’s soaring inflation?
06 January 2022 | 8:30 am
Turkey's President Recep Tayyip Erdogan is defying the standard prescriptions for inflation – the country's worst in nearly two decades – by burning through currency reserves and central bank governors to keep interest rates low. As those reserves dwindle and lines lengthen at subsidised bakeries, we ask our guests about the impact on ordinary citizens and why Erdogan is holding out, with cues to booming exports which he says are the flipside of a plummeting lira.
Chancellor Angela Merkel has pursued a conciliatory approach with Ankara despite divergent interests and tensions on many issues. A new government could mean a new approach to the strongman president.
Flower Farm, nestled in the countryside of southern England, faces turmoil this winter as it contends with worker shortages that will leave it struggling to meet its Turkey orders this Christmas.
Turkish President Recep Tayyip Erdogan had fired three central bankers via decree. Turkey's currency has lost a fifth of its value against the US dollar this year.
The US had previously blocked Turkey from buying fighter jets because the Turkish government had purchased S-400 defense air systems from Moscow.
Turkey's President Recep Tayyip Erdogan said he hopes to continue working well with new German government during Chancellor Angela Merkel's farewell visit to the country.
The ambassadors, including Germany's, had urged a "just and speedy" resolution to Osman Kavala's case. He has been in jail for four years on charges linked to 2013 anti-government protests.
In Turkey, young people recently expressed their frustration with the authorities when students protested an ongoing spike in housing prices. This protest movement reflects the growing difficulties of the general population amid sky-high living costs, even as the government refuses to acknowledge the economic crisis. Our Istanbul correspondents Ludovic de Foucaud, Hussein Asad and Shona Bhattacharyya report.
The move means 10 ambassadors — including those of Germany and the United States — are now just one step from expulsion after calling for the release of activist Osman Kavala.
After declaring 10 diplomats from Western countries "persona non grata" over their support of a civil society leader, it appears Turkish President Erdogan has changed his mind.
Turkey's president has adopted a more moderate tone in his recent diplomatic spat with Western ambassadors. The expulsion of 10 envoys now no longer seems likely.
After a summer of devastating forest fires and flooding, Turkey has become the last G20 country to ratify the Paris Agreement. Although it's among the world's biggest economies, Turkey wants UN climate officials to reclassify it as a developing country. That way, it would gain access to funding that could help Ankara adapt its inefficient farming methods. Our correspondents Shona Bhattacharyya, Ludovic de Foucaud and Hussein Asad report from Central Anatolia, where the country's second-biggest lake – Tuz Gölü or Salt Lake – is drying up.
Greek officials claim Turkey is acting like a "pirate state in the Aegean Sea" in regards to migrants. Athens has called on the EU to put pressure on Ankara to meet its international obligations.
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