Paying interest is un-Islamic, so clearly this is not actually happening. And so Turkiye can continue swanning around the Ummah as neo-Ottoman Sultan Recep Tayyip ErdoÄŸan I (the much beloved) planned all along, without concern that the money is about to run out.
[Rudaw] ...the only place on the face of the earth that misses the Ottoman Empire...
’s statistics body on Monday announced the country’s annual inflation in the month of August as 58.9 percent, rising eleven percent from the previous month, nearly a week after the central bank increased interest rated to 25 percent.
In the report by the
Under
...Turkey's version of Mohammed Morsi but they voted him back in so they deserve him. It's a sin, a shame, and a felony to insult the president of Turkey. In Anatolia did Recep Bey a stately Presidential Palace decree, that has 1100 rooms. That's 968 more than in the White House, 400 more than in Versailles, and 325 more than Buckingham Palace, so you know who's really more important...’s unorthodox economic policies, the interest rate was slashed to 8.5 percent, which saw inflation skyrocket up to 85.5 percent in 2022, a 24-year high. The increase resulted in an aggravated cost of living crisis inside Turkey, forcing the government to increase the minimum wage several times.
After his re-election in May’s presidential elections, Erdogan appointed Mehmet Simsek as the finance minister and former Wall Street executive Hafize Gaye Erkan as the governor of the central bank.
Erkan quickly increased interest rated to 15 percent in June in order to combat inflation and the rapid depreciation of the
In May, net foreign reserves of the central bank dropped into negative territory and the annual inflation rate was announced as 39.59 percent, according to Turkey’s statistics body.
Erdogan following re-election promised to improve the economy and signaled a pivot away from his unorthodox policies of the past, beginning with appointing Simsek to the role of finance minister.
During the ceremony to hand over power, Simsek emphasized the need to return to more "rational economic policies." His comment was hailed as a new start for Turkey to regain economic stability.