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The lira lost about 46% of its value in 2021
Bakı/06.12.21/Turan: Turkey's lira weakened past 13.7 against the USD, not far from a record low of 13.9 hit last Friday, amid growing concerns over the central bank's monetary policy direction.
According to the message tradingeconomics.com, policymakers are seen cutting interest rates again this month as President Tayyip Erdogan has been calling for lower borrowing costs to support growth, despite soaring inflation.
Data last week showed Turkey's consumer price inflation rate rose more than expected to 21.31% in November, well above the central bank's mid-point target of 5%, while producer prices rose the most in 19 years.
The lira has lost some 46% of its value against the greenback so far this year following Erdogan’s aggressive rate-cutting policy and concerns over the central bank's depleted reserves, which already prompted rating agency Fitch to revise Turkey's outlook to negative.-0-
Economics
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Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
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Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
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The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
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There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
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