Turkey’s economy sees huge transformation throughout previous year

(MENAFN) Turkey’s economy during past year saw one of its biggest changing years in late memory, driven by serious policy alterations targeted at undertaking inflation, steadying markets as well as getting ready for maintainable development.

The year started with the extension of tight monetary policies but finished with a huge transformation in strategy, emphasizing the government’s flexible strategy to dealing with economic obstacles.

The major center of the economic management throughout 2024 was calming inflation, which had overwhelmed Turkey for many years.

After the acquiescence of Governor Hafize Gaye Erkan in February, Fatih Karahan seized charge as chief of the Central Bank of Turkey as the bank sustained a massive strict policy, surging interest volumes to a peak of 50 percent by the middle of the year.

This policy did well in lowering inflation to a 17-month low of 47.09 percent by November, which is a transforming shift in the nation’s fight against surging prices.

However, the largest prominent growth came in recent December, when the central bank transformed course by lowering its key interest volume for the initial time in approximately a couple of years.

The conclusion to cut the policy volume from 50 percent to 47.5 percent indicated a warning move to help economic development as inflationary tensions lessened.

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