We are going through tough times that call for cautiousness. Companies in Turkey have been borrowing in foreign currency at great quantities.

The inflation report issued by the Central Bank last week showed us that: - For the first time, the Central Bank has clearly and transparently stated next month’s expected inflation rate. - Apparently, the Central Bank didn't want to damage his reputation by increasing its year-end target only by two basis points.

The IMF is supporting Turkey’s current economic programme hence Turkey’s long-term sovereign rating moves one notch higher, which goes to clearly show that global organisations are not interested in people’s welfare.

I suppose the new road map for Turkish economy will be more or less as follows, following the rate decision and statement of the CBRT. - Aware of the money supply and government spending levels, CBRT expects inflation to decline under the base effect.

Last week, people called for boycott of cafes and restaurants throughout the weekend. So I decided to visit some shopping malls and restaurants to see if the call was truly answered. Although they seemed a little bit calmer and less crowded than normal, I could not say know if the boycott played any part in it.

There is an easy answer to this question, but first let me explain the title. Anyone who spent their holidays in Europe has compared the prices in Turkey to the prices in Europe on their social media accounts, pointing out the fact that cafes and restaurants are both cheaper than and superior to those in Turkey in terms of quality. They are not wrong.

It is clear that the Government’s economic team harbours a delusion that "inflation is declining" because the current inflation rate seems to be more stable than last year’s, which has been high because the Central Bank has failed to hike interest rates in a timely manner.

The Government’s economic policy was a palliative plan aimed at bringing exchange rates under control, not inflation. As I have said many, many times before, the Government was wrong to increase taxes constantly and make people suffer because of the soaring inflation. It was not ethically right to grant major tax amnesties while ignoring the hardship of the retirees.

It is obvious that Central Bank made some suggestions for Ankara: Raise the interest rates to calm for exchange rates Hold the interest rates and let the exchange rates rise

Turkey’s inflation rate, which was supposed to go down “after March", is now projected to fall after July.

Sales from the foreign exchange reserves, the increase in the number of foreign currency deposit accounts, sales of TRY-denominated assets by international investors, and the rapid upward trend in loan interest rates have marked the last week in Turkey.

No further analysis is needed regarding Fitch's credit rating upgrade. Turkey’s rating, which had been quite rapidly and meaninglessly downgraded before, was raised again to "B+" from "B" for incomprehensible reasons. My opinion about these institutions never changes: They make their decisions based on political and diplomatic considerations.

Inflation rate for February, the shortest month of the year, is being released today. But before that, inflation data was published by Istanbul Chamber of Commerce (ITO) on Friday. Today everyone will be looking forward to TurkStat’s data.

Earlier this week, I had shared an article with you, explaining the parameters which determine the value of a national currency. If a country’s economy is perceived negatively by its citizens as well as other people living in foreign countries, both naturally would want to avoid the currency of that country. And the reasons leading them to do this are: