October 2024
Since last year, Türkiye has embarked on a notable transformation of its economic and strategic policy, implementing monetary measures to combat inflation. During recent IMF and World Bank meetings, Alfred Kammer, director of the IMF’s European Department, praised Türkiye's efforts to reduce its economic vulnerability, noting that these actions had stabilized the Turkish lira and strengthened foreign investor confidence. Recent investments by major companies such as Yandex, BlaBlaCar, Ceva Logistics, and the Kazakh group Kaspi.kz—which acquired a 65.4% stake in Hepsiburada, an e-commerce leader, for USD 1.13 billion—illustrate this progress.
To sustain this momentum, the Central Bank of Türkiye has adopted a strict monetary policy, maintaining the benchmark rate at a record level of 50% to curb the persistent effects of inflation. Although inflation has fallen from 74% to 49% since May, it remains high. The Central Bank plans to continue this policy through 2025.
On the international stage, Türkiye is exploring new strategic options to strengthen its position in a multipolar environment. As the first NATO member to consider cooperation with the BRICS, Türkiye aims to diversify its economic alliances while preserving its relations with NATO and its trade with the European Union.
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