Turkey

2022 - 9 - 23

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Image courtesy of "Jordan News"

Inflation-hit Turkey cuts rate for second month (Jordan News)

Turkey's troubled lira on Thursday plumbed new lows after the central bank cut its policy rate for the second straight month despite annual inflation ...

The latest note does not rule out further reduction in the policy rate," ING Bank's chief Turkey economist Muhammet Mercan noted.Liam Peach at Capital Economics said he expected the lira to drop to 24 against the dollar by the end of the year." Since the beginning of July, leading indicators have been pointing to a slowdown in growth due to the weakening foreign demand," the central bank said." The managed markets in Turkey are now aimed at engineering Erdogan's re-election." And in my country, the shelves are not empty in the markets." Leading indicators for the third quarter continue pointing to loss of momentum in economic activity due to the decreasing foreign demand." Turkey's inflation rate is now the highest since 1998.Erdogan's two-decade rule was built on a pledge to create a new middle-class and end the corruption and mismanagement that plagued successive governments in the 1980s and 1990s.But his Islamic-rooted party and its hard-right nationalist allies now face the real possibility of losing their parliamentary majority in next year's polls.Erdogan himself is expected to struggle in a likely second round runoff against any of his potential opposition rivals.The Turkish leader has responded to the economic crisis by radically changing his foreign policy and making up with many of his former rivals in the petrodollar-rich Arab world.Additional deals with Russia have helped shore up Turkey's dwindling foreign currency reserves and potentially given Erdogan enough breathing room to ride out the economic storm until June.- 'Managed markets' -Analysts at Fitch Ratings said they expect the central bank to end its era of unconventional economics and start raising rates after the election.But there is little concensus on whether the central bank intends to take its rate any lower -- and what damage this might inflict."

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Image courtesy of "Middle East Eye"

How Greece and Turkey can win together (Middle East Eye)

The two countries should work together to resolve their issues through direct talks and without third-party intervention.

[United States](https://www.middleeasteye.net/countries/us) and the [European Union](https://www.middleeasteye.net/tags/eu) in the Aegean. The arming of the islands in the Aegean - some of which are within swimming distance of Turkey - is seen by Turkey as an aggressive and provocative act. In other words, what will Europe and Nato lose if Turkey ceases to be a source of security and stability in southeast Europe? Because the Turkish-Greek problems are neither provocative enough to win an election nor dynamic enough to bring down inflation, which is the main issue on the electoral agenda in both countries. [Turkey](https://www.middleeasteye.net/countries/turkey) and [Greece](https://www.middleeasteye.net/tags/greece) have always had a problematic relationship except for some brief periods of calm. In the past, Greece would attempt to resolve disagreements with Turkey through diplomatic channels, but more recently, it has tried to [address](https://primeminister.gr/en/2022/05/17/29339) the issues through Washington, Israel, Cairo, or Europe. [US](https://www.middleeasteye.net/countries/us) President [Donald Trump](https://www.middleeasteye.net/tags/donald-trump) came to power in the US, there was a marked [shift](https://www.latimes.com/politics/story/2020-09-29/washington-boosts-support-for-greece-in-spat-with-turkey) in US foreign policy in favour of Greece. [](https://www.middleeasteye.net/tags/recep-tayyip-erdogan) As the EU saw that the problem was getting out of control, it overcame Greece's one-sided approach and Turkey and Greece will have elections next summer, assuming everything goes to plan. [Russia](https://www.middleeasteye.net/countries/russia) and Greece [started](https://carnegieendowment.org/2021/06/28/difficult-balancing-act-russia-s-role-in-eastern-mediterranean-pub-84847) to develop a closer relationship. Turkish geopolitical reasoning did not remove Athens from its list of security threats, despite having established good neighbourly relations with Greece from time to time.

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Image courtesy of "VanillaPlus"

Nokia and MEXT collaborate on 5G private wireless in Turkey (VanillaPlus)

Espoo, Finland - Nokia and MEXT, the Turkish Employers' association of metal industries technology centre, announced that they are partnering to advance.

With the deployment of private wireless Nokia Digital Automation Cloud in our technology centre, the whole Turkish industry will experience a cutting-edge 5G solution, which comes with Nokia’s expertise of hundreds of private wireless deployments around the globe.” The company has extended its expertise to more than 485 large private wireless customers worldwide across an array of sectors. Ozgur Erzincan, Country Manager Turkey at Nokia, says “It is our great pleasure to collaborate with MEXT in the context of digitalisation of the industrial manufacturing sector in Turkey, a key industry for the Turkish economy. For us at Nokia, it is of utmost importance to support a local 5G vertical ecosystem and be the trailblazer in the Turkish Industry to leverage 5G for increased competitiveness.” Nokia will deploy its 5G private wireless digital automation cloud (DAC) solution at the MEXT Technology Centre, connecting more than 10 manufacturing use cases on display and adding more. The Technology Centre includes an ecosystem of more than 50 globally recognised technology providers, universities, and institutions.

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