Turkey’s national currency, the Turkish lira, began to depreciate again after a period of relative stability.
Today, one dollar was exchanged for 15.37 Turkish lira, according to data from the Istanbul Stock Exchange.
Analysts commenting on the situation in Turkish financial markets noted that one of the reasons for the nearly 5 percent depreciation of the pound for the week was huge inflation, which reached 70 percent in April.
Bankers expect an even greater devaluation of the national currency, the opposition newspaper Sozju wrote in an economic review today.
According to many banks, a revision of Turkey’s central bank’s key interest rate is needed to normalize the situation. At the same time, it is believed that this is unlikely, as Turkish President Recep Tayyip Erdogan is strongly opposed to high-interest rates.
Inflation in Romania jumped to 13.76 percent
Inflation in Romania on an annual basis reached 13.76 percent in April 2022 compared to 10.55 percent in March, reported Agence Press, citing data from the National Statistical Institute.
Non-food prices rose by 16.35 percent, food prices by 13.54 percent, and services prices by 7.11 percent, the data show.
“Consumer prices in April 2022 compared to March 2022 increased by 3.7 percent. The inflation rate since the beginning of the year is 7.9 percent.
The inflation rate on an annual basis in April was nearly 13.8 percent, “the institute said in a statement.
In the period April 2021-April 2022, the prices of natural gas jumped by 85.27 percent, potatoes – by 41.84 percent, and oil – by 38.19 percent.
In the food sector, large increases were also registered in the prices of wheat flour (26.70 percent) and cornflour (28.12 percent).
In non-food products, the prices of fuels rose by 35.69 percent, heat by 22.98 percent, and electricity by 18.82 percent.
Romania’s central bank forecasts inflation of 11.2 percent at the end of the second quarter of 2022, 10.2 percent at the end of the third quarter, and 9.6 percent at the end of the fourth quarter of 2022, according to the quarterly inflation report.
