Turkey Markets Latest News Updates as of May 16, 2024:
Economic News:
- Inflation Soars: Turkey’s inflation rate continues to rise despite continued rate hikes by the central bank. It currently stands at 68.5% as of April 2024, putting pressure on the economy and financial markets.
- New Central Bank Chief: The new central bank chief has pledged to maintain tight monetary policy in an effort to curb inflation and stabilize the lira.
- February Exports to Russia Drop: Turkey’s exports to Russia fell by 34% in February 2024 compared to the previous year, indicating a possible impact of the ongoing conflict in Ukraine.
Market Performance:
- BIST 100 Index Soars: The BIST 100, Turkey’s main stock market index, has increased significantly since the beginning of 2024, reaching an all-time high of 10,383.25 in May 2024. However, forecasts suggest a possible decline in the coming months.
Other News:
- Minimum Wage Hike: The Turkish government has announced a 49% increase in the monthly minimum wage for 2024, aiming to alleviate the impact of high inflation on workers.
- Earthquake Recovery: Turkey has completed new homes in the area affected by the devastating earthquake in February, showcasing the country’s resilience and recovery efforts.
Sources for Further Information:
- CNBC: https://www.cnbc.com/turkey/
- Trading Economics: https://tradingeconomics.com/turkey/stock-market
- Hürriyet Daily News: https://www.hurriyetdailynews.com/index/turkish-market
- Zee Business: https://www.zeebiz.com/topics/turkey
Please note that the situation in Turkey is dynamic and the information provided here is a snapshot of the latest news. For the most up-to-date and comprehensive information, it’s recommended to refer to the sources mentioned above and consult with financial experts.
