Herbalist Dr MziziMkavu
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- Feb 3, 2009
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Turkey's inflation soars to 36%, setting a new record for Erdogan era.
Istanbul (CNN Business)Turkey's annual rate of inflation has hit a 19-year high as a currency collapse sends the cost of imports soaring.
According to the Turkish Statistical Institute, consumer prices soared 36% in December compared to the same month the previous year. Prices are now rising at their fastest pace since September 2002. President Recep Tayyip Erdogan's party came to power later that year.
The increase in prices was led by the cost of transportation soaring nearly 54% year-on-year and food and drink prices skyrocketing 43.8%. Household equipment and hospitality prices were also up more than 40% compared to a year ago.
Turkey's currency lost more than 40% against the US dollar last year, a collapse fueled by Erdogan's insistence that the country's central bank pursue a highly unorthodox policy of cutting interest rates, rather than raising them, in the face of rapidly rising prices.
Erdogan has blamed Turkey's economic woes on foreign intervention and says he is leading a struggle for more financial independence for the country.
Spiraling prices and the plunging currency have already forced the Turkish government to take extraordinary measures to try to protect workers and savers.
Last month, Erdogan announced a nearly 50% hike in the country's minimum wage and a plan for a new type of Turkish lira deposit account that would protect savers against devaluation.
Erdogan has also urged businesses and individuals to defend the lira. "As long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish lira, our money, that is what we will go forward with. Not with foreign currency," Erdogan said Friday in a speech to a business association in Istanbul.
"We have been working for some time now to get the Turkish economy out of the spiral of high interest rates, high inflation, and to set it on the path of growth through investment, employment, production, exportation and current account surplus," he added.
Turkey's central bank cut interest rates for a fourth month in a row in December. Central banks typically raise interest rates when inflation is soaring to stop the economy from overheating.
https://edition.cnn.com/.../turkey-inflation.../index.html
President Recep Tayyip Erdogan insists that Turkey needs lower interest rates to beat inflation.
Rais Recep Tayyip Erdogan anasisitiza kuwa Uturuki inahitaji viwango vya chini vya riba ili kupiga mfumuko wa bei.
Mfumuko wa bei ya Uturuki huongezeka hadi 36%, kuweka rekodi mpya kwa zama za Erdogan.
Istanbul (CNN BUSINESS) Kiwango cha kila mwaka cha Uturuki cha mfumuko wa bei kimeshinda juu ya miaka 19 kama kuanguka kwa sarafu hutuma gharama ya uagizaji kuongezeka.
Kwa mujibu wa Taasisi ya Takwimu ya Kituruki, bei za watumiaji ziliongezeka 36% mwezi Desemba ikilinganishwa na mwezi huo huo mwaka uliopita. Bei sasa zinaongezeka kwa kasi yao ya haraka tangu Septemba 2002. Rais Recep chama cha Tayyip Erdogan alikuja mamlaka baadaye mwaka huo.
Kuongezeka kwa bei iliongozwa na gharama ya usafiri kuongezeka karibu 54% mwaka kwa mwaka na bei ya chakula na kunywa bei ya 43.8%. Vifaa vya kaya na bei za ukarimu pia zilikuwa zaidi ya 40% ikilinganishwa na mwaka uliopita.
Fedha ya Uturuki ilipoteza zaidi ya 40% dhidi ya dola ya Marekani mwaka jana, kuanguka kwa nguvu ya Erdogan kuwa benki kuu ya nchi inafuatilia sera isiyo ya kawaida ya kukata viwango vya riba, badala ya kuinua, kwa uso wa bei za kupanda kwa haraka.
Erdogan imeshuhudia matatizo ya kiuchumi ya Uturuki kwa kuingilia kati ya kigeni na anasema anaongoza mapambano kwa uhuru zaidi wa kifedha kwa nchi.
Bei za kupindua na sarafu ya kupungua tayari imekwisha kulazimisha serikali ya Kituruki kuchukua hatua za ajabu kujaribu kulinda wafanyakazi na wafuasi.
Mwezi uliopita, Erdogan alitangaza kuongezeka kwa asilimia 50% katika mshahara wa chini wa nchi na mpango wa aina mpya ya akaunti ya Kituruki ya Lira ambayo inaweza kulinda salama dhidi ya kushuka kwa thamani.
Erdogan pia amewahimiza biashara na watu binafsi kulinda Lira. "Kwa muda mrefu kama hatuwezi kuchukua fedha zetu kama benchmark, sisi ni adhabu ya kuzama. Lira Kituruki, pesa zetu, ndivyo tutakavyoendelea. Si kwa fedha za kigeni," Erdogan alisema Ijumaa katika hotuba kwa chama cha biashara huko Istanbul.
"Tumekuwa tukifanya kazi kwa muda fulani sasa kupata uchumi wa Kituruki nje ya viwango vya juu vya riba, mfumuko wa bei ya juu, na kuiweka kwenye njia ya ukuaji kupitia uwekezaji, ajira, uzalishaji, mauzo ya nje na ziada ya akaunti," yeye aliongeza.
Benki kuu ya Uturuki ilipunguza viwango vya riba kwa mwezi wa nne mfululizo mnamo Desemba. Mabenki ya kati huinua viwango vya riba wakati mfumuko wa bei unaoongezeka wa kuacha uchumi kutokana na joto.
Istanbul (CNN Business)Turkey's annual rate of inflation has hit a 19-year high as a currency collapse sends the cost of imports soaring.
According to the Turkish Statistical Institute, consumer prices soared 36% in December compared to the same month the previous year. Prices are now rising at their fastest pace since September 2002. President Recep Tayyip Erdogan's party came to power later that year.
The increase in prices was led by the cost of transportation soaring nearly 54% year-on-year and food and drink prices skyrocketing 43.8%. Household equipment and hospitality prices were also up more than 40% compared to a year ago.
Turkey's currency lost more than 40% against the US dollar last year, a collapse fueled by Erdogan's insistence that the country's central bank pursue a highly unorthodox policy of cutting interest rates, rather than raising them, in the face of rapidly rising prices.
Erdogan has blamed Turkey's economic woes on foreign intervention and says he is leading a struggle for more financial independence for the country.
Spiraling prices and the plunging currency have already forced the Turkish government to take extraordinary measures to try to protect workers and savers.
Last month, Erdogan announced a nearly 50% hike in the country's minimum wage and a plan for a new type of Turkish lira deposit account that would protect savers against devaluation.
Erdogan has also urged businesses and individuals to defend the lira. "As long as we don't take our own money as a benchmark, we are doomed to sink. The Turkish lira, our money, that is what we will go forward with. Not with foreign currency," Erdogan said Friday in a speech to a business association in Istanbul.
"We have been working for some time now to get the Turkish economy out of the spiral of high interest rates, high inflation, and to set it on the path of growth through investment, employment, production, exportation and current account surplus," he added.
Turkey's central bank cut interest rates for a fourth month in a row in December. Central banks typically raise interest rates when inflation is soaring to stop the economy from overheating.
https://edition.cnn.com/.../turkey-inflation.../index.html
President Recep Tayyip Erdogan insists that Turkey needs lower interest rates to beat inflation.
Rais Recep Tayyip Erdogan anasisitiza kuwa Uturuki inahitaji viwango vya chini vya riba ili kupiga mfumuko wa bei.
Mfumuko wa bei ya Uturuki huongezeka hadi 36%, kuweka rekodi mpya kwa zama za Erdogan.
Istanbul (CNN BUSINESS) Kiwango cha kila mwaka cha Uturuki cha mfumuko wa bei kimeshinda juu ya miaka 19 kama kuanguka kwa sarafu hutuma gharama ya uagizaji kuongezeka.
Kwa mujibu wa Taasisi ya Takwimu ya Kituruki, bei za watumiaji ziliongezeka 36% mwezi Desemba ikilinganishwa na mwezi huo huo mwaka uliopita. Bei sasa zinaongezeka kwa kasi yao ya haraka tangu Septemba 2002. Rais Recep chama cha Tayyip Erdogan alikuja mamlaka baadaye mwaka huo.
Kuongezeka kwa bei iliongozwa na gharama ya usafiri kuongezeka karibu 54% mwaka kwa mwaka na bei ya chakula na kunywa bei ya 43.8%. Vifaa vya kaya na bei za ukarimu pia zilikuwa zaidi ya 40% ikilinganishwa na mwaka uliopita.
Fedha ya Uturuki ilipoteza zaidi ya 40% dhidi ya dola ya Marekani mwaka jana, kuanguka kwa nguvu ya Erdogan kuwa benki kuu ya nchi inafuatilia sera isiyo ya kawaida ya kukata viwango vya riba, badala ya kuinua, kwa uso wa bei za kupanda kwa haraka.
Erdogan imeshuhudia matatizo ya kiuchumi ya Uturuki kwa kuingilia kati ya kigeni na anasema anaongoza mapambano kwa uhuru zaidi wa kifedha kwa nchi.
Bei za kupindua na sarafu ya kupungua tayari imekwisha kulazimisha serikali ya Kituruki kuchukua hatua za ajabu kujaribu kulinda wafanyakazi na wafuasi.
Mwezi uliopita, Erdogan alitangaza kuongezeka kwa asilimia 50% katika mshahara wa chini wa nchi na mpango wa aina mpya ya akaunti ya Kituruki ya Lira ambayo inaweza kulinda salama dhidi ya kushuka kwa thamani.
Erdogan pia amewahimiza biashara na watu binafsi kulinda Lira. "Kwa muda mrefu kama hatuwezi kuchukua fedha zetu kama benchmark, sisi ni adhabu ya kuzama. Lira Kituruki, pesa zetu, ndivyo tutakavyoendelea. Si kwa fedha za kigeni," Erdogan alisema Ijumaa katika hotuba kwa chama cha biashara huko Istanbul.
"Tumekuwa tukifanya kazi kwa muda fulani sasa kupata uchumi wa Kituruki nje ya viwango vya juu vya riba, mfumuko wa bei ya juu, na kuiweka kwenye njia ya ukuaji kupitia uwekezaji, ajira, uzalishaji, mauzo ya nje na ziada ya akaunti," yeye aliongeza.
Benki kuu ya Uturuki ilipunguza viwango vya riba kwa mwezi wa nne mfululizo mnamo Desemba. Mabenki ya kati huinua viwango vya riba wakati mfumuko wa bei unaoongezeka wa kuacha uchumi kutokana na joto.
