TR Economy & Updates

[Saithan]

Cash is still king for Turks​

ISTANBUL​

Most Turks still prefer making payments in cash over other means of transactions, a recent study by the Central Bank has found.

In terms of payment methods, nearly 62 percent of participants of the bank survey identified themselves as “cash users” and 9 percent as “card users.” Some 30 percent said they go in between.

People carry in their wallets on average 235 Turkish Liras, but the amount is higher among individuals aged between 40 and 50, self-employed, people with higher education and higher income groups.

The study showed that people with higher financial literacy keep smaller amount of cash in their wallets.

The average amount of cash people withdraw from ATMs in a single transaction is 952 liras.

Pensioners, people aged between 55 and 64, people in the highest income group and people with higher financial literacy withdraw more money from ATMs.

A little more than 32 percent of those, who participated in the survey said they receive their income in cash, while 30.3 percent through bank accounts.

Some 23 percent said they receive most parts of their income in cash and some of it through bank accounts.

As part of the study, participants were asked to keep a diary to record their all transactions for four days.

The results showed that in terms of the number of transactions, cash payments accounted for 89.5 percent of all transactions, while in terms of amount, they corresponded to 76 percent of payments made.

People said they prefer cash because of habits, secrecy, the ease in keeping track of expenditure and lower cost and security.

The survey also showed that 18.3 percent of participants do not have a bank account and 19.1 of those, who are actively working, are not registered with a social security institution. People in those two groups mostly identify themselves as cash users.

The number of participants who said that they will use cash more in the next 12 months was higher than those who said they will use less cash in transactions. “This suggests that the use of cash will not decline in the period ahead,” the Central Bank study concluded.

Cash is still king for Turks - Latest News

Most Turks still prefer making payments in cash over other means of transactions, a recent study by the Central Bank has found.

www.hurriyetdailynews.com

 

[Saithan]

Central Bank hikes inflation forecasts for 2021-22 - Latest News

Turkey's Central Bank on July 29 increased the country's year-end inflation forecast to 14.1 percent for this year, up from 12.2 percent in its previous report.

www.hurriyetdailynews.com

14,1 from 12,2 Year end.

According to article it's 17,53 atm.

 

[Lool]

Central Bank hikes inflation forecasts for 2021-22 - Latest News

Turkey's Central Bank on July 29 increased the country's year-end inflation forecast to 14.1 percent for this year, up from 12.2 percent in its previous report.

www.hurriyetdailynews.com

14,1 from 12,2 Year end.

According to article it's 17,53 atm.

I do understand that they wanna reduce the lira's volatility through improving the currency without depending on hot money; however, I believe that this isnt the time for such extensive repair amid this horrendous pandemic... I mean initially it was 9, then they uped it to 12.2 and now to 14 due to the fuel hike.... Erdo should have continued with Agbal till 2024 so that the lira remains at around 6 and then removed him to improve the lira then as hopefully by then the effect of the pandemic on the people would have lessened to an extent

 

[Lool]

Central Bank hikes inflation forecasts for 2021-22 - Latest News

Turkey's Central Bank on July 29 increased the country's year-end inflation forecast to 14.1 percent for this year, up from 12.2 percent in its previous report.

www.hurriyetdailynews.com

14,1 from 12,2 Year end.

According to article it's 17,53 atm.

What was the rate of inflation last time?
Did it surpass 18%?

 

[Saithan]

I do understand that they wanna reduce the lira's volatility through improving the currency without depending on hot money; however, I believe that this isnt the time for such extensive repair amid this horrendous pandemic... I mean initially it was 9, then they uped it to 12.2 and now to 14 due to the fuel hike.... Erdo should have continued with Agbal till 2024 so that the lira remains at around 6 and then removed him to improve the lira then as hopefully by then the effect of the pandemic on the people would have lessened to an extent

I don't think you understand why inflation exists in the first place.

What do you mean by improving the TL, or rather what do you consider improvement ?

I think this anime is very beneficial to watch if you want to get an idea of economy. At least it's not just text and numbers, so might be easier to understand

 

[TheInsider]

I expect inflation to fall down to around %30 by year's end.

I'm not joking the real inflation was above %30. If %26-28 can be achieved(6-7 point decrease) by year's end it will be a good success. %30 is a slight decrease like 3-4 points. %20 should be aimed for the next year.

 

[Saithan]

I expect inflation to fall down to around %30 by year's end.

I'm not joking the real inflation was above %30. If %26-28 can be achieved(6-7 point decrease) by year's end it will be a good success. %30 is a slight decrease like 3-4 points. %20 should be aimed for the next year.

Sorry if I gave the wrong impression.

But your post pretty much stated what officials can’t go out and say.

Which is why I was laughing. I sincerily hope you’re right.

THe forest fires are meant to keep the tourist away, which is why I think PKK started them. To hurt the economy.

 

[Lool]

Sorry if I gave the wrong impression.

But your post pretty much stated what officials can’t go out and say.

Which is why I was laughing. I sincerily hope you’re right.

THe forest fires are meant to keep the tourist away, which is why I think PKK started them. To hurt the economy.

Iam not living in Turkey so I cant say that the government isnt lying about inflation figures
But i just want to ask one thing....... you just admitted that the PKK is burning forests purposefully in order to drive tourists away and hurt the economy. The economy of the country which they live in? The economy which their livelihood depends on? Just so that they can kick someone out of office?; yet somehow you guys are still gonna vote for them?

Under what logic do you guys operate. Iam not making fun btw, iam seriously shocked by how much hate has blinded ppl in the middle east

 

[TheInsider]

Voting for who? HDP? I don't think anyone here will vote for HDP. Stop portraying Erdo as an angel. This is a cheap trick to portray anyone opposing Erdo as an HDP supporter. Today's PKK and FETÖ are the results of yesterday's Erdo. He was basically blind to them until those start hurting his interests. Erdo still protects openly FETÖ affiliates. I can name you a thousand of them starting with Bülent Arınç. Erdo still has PKK-affiliated guys inside his party. He basically destroyed the economy with his nonsense decisions. He turned Israel into an enemy with his lost cause Palestinian verbal crusade. You have no idea about Turkish politics. I will vote for whoever promises to send refugees back and promises to fight sincerely against PKK and FETÖ while protecting Turkish interests.

 

[mulj]

Lira up and downs continue. Probably result of record exports.

https://twitter.com/i/web/status/1421037327464423424

 

[what]

The markets are kind, even without any change in interest rate, Erdogan still commenting and the inflation rising Lira improved 3% vs. Dollar. But when you think about how we lost 1-2% on single days, it shows how little that means.

 

[Anmdt]

Lira up and downs continue. Probably result of record exports.

https://twitter.com/i/web/status/1421037327464423424

Better of the worst, simple description of the Lira's condition.

 

[TheInsider]

Lira gains value because of diaspora Turks and tourists. 1+ million diaspora Turks are inside TR for the summer holiday and they are spending Euros and dollars but this won't be enough to save TL. It is like drop in a bucket. Once the tourism season passes dollar will gain incredible value against TL. American inflation figures are really bad and sooner or later FED won't have a choice other than increasing interest rates. When that happens Turkish lira and all other currencies similar to TL will sink deeper it is unavoidable but we can lessen the effects of it. IMHO FED might increase interest rates next year. So I expect TL/dollar parity to be 9+ by the end of this year. (TL/dollar parity is 8.4 now)

 

[Saithan]

I was kinda wondering why the dollar was moving down especially since no reform and no changes to current governance form, completely forgot about the Turks going back for summer time.

Turkish factory activity at 6-month high on surging demand, output

Turkish factory activity rose at the fastest pace in six months in July, as the lifting of pandemic restrictions had a positive impact on demand and...

www.dailysabah.com

Guess a weak lira means more export, but without any reforms it'll be a drop in the bucket.

 

[Lool]

I was kinda wondering why the dollar was moving down especially since no reform and no changes to current governance form, completely forgot about the Turks going back for summer time.

Turkish factory activity at 6-month high on surging demand, output

Turkish factory activity rose at the fastest pace in six months in July, as the lifting of pandemic restrictions had a positive impact on demand and...

www.dailysabah.com

Guess a weak lira means more export, but without any reforms it'll be a drop in the bucket.

Not only the lira though, all volatile currencies have dropped today. For instance, check the South African Rand; it opened for trading at 14.61 to a dollar and is now at 14.43 to a dollar

For the lira, it is probably the record export and tourism that is supporting it rn! I suggest that the TCMB uses this opportunity to rebuild their reserves and try to keep the lira at around 8.80 by the year's end one way or another

 

[Saithan]

Not only the lira though, all volatile currencies have dropped today. For instance, check the South African Rand; it opened for trading at 14.61 to a dollar and is now at 14.43 to a dollar

For the lira, it is probably the record export and tourism that is supporting it rn! I suggest that the TCMB uses this opportunity to rebuild their reserves and try to keep the lira at around 8.80 by the year's end one way or another

Not gonna happen, no matter how much you scream it mate. Government hasn't had proper economic reforms the past 5 years or maybe even more. Also current politicy is use money you don't have.

Pretty much every since Ali Babacan stopped, correct me if I'm wrong though.

 

[Saithan]

Turkey's annual inflation rate at 18.95% in July - Latest News

Turkey registered an annual hike of 18.95% in consumer prices in July, the country's statistical authority announced on Aug. 3.

www.hurriyetdailynews.com

Inflation 18,95%

 

[what]

Turkey's annual inflation rate at 18.95% in July - Latest News

Turkey registered an annual hike of 18.95% in consumer prices in July, the country's statistical authority announced on Aug. 3.

www.hurriyetdailynews.com

Inflation 18,95%

Unbelievable high. And Lira has been somewhat stable for a while now, so what are the real reasons behind it?

Interest payments in Euro? Imported goods?

 

[Constan]

Inflation will eats everything. However, Erdo and his government are doing nothing except throwing tea into people face.

 

[Turko]

Currently IMF is supporting world economy due to Coronavirus.
İn addition summer tourists bringing USD / EUR .