Yesterday’s statement by the CBRT tells us that interest rates will stay at this level for a while. However, rising policy rate does not prevent deposit rates from going down. And people are trying to save money by buying goods or services whose prices are expected to increase in the near future. The current level of deposit interest rates does not stop consumption. This situation will also lead to further deterioration of pricing behaviour and naturally, CPI will remain high.

As predicted, the social media buzz about the CBRT has come to an end as of yesterday. Now the markets are focused on the rate decision to be released on Thursday.

Some reports issued by international financial institutions make me question whether they analyse the Turkish economy correctly or not. The analysts working for these institutions must be in contact with their colleagues in Türkiye because their statements such as, "Raising interest rates to 45% will be enough. You may cut them in summer" seems like an exact replica of what our economic institutions say.

It is not possible for anyone to know how much of the news posted on social media is true and how much them is fake, fabricated lies to call into question someone's reputation.However, despite the unconditional support of banks and media, one cannot help but realise that Turkey’s new economic team is not doing so well.

It looks like shipping firms avoiding Red Sea as attacks will lead to an increase in freight charges.Despite Houthi attacks since 19 November, more than 2000 tankers continued to sail through the Red Sea in November and December, with only 55 of them changing their route. However, increased risk in the Red Sea caused a surge in shipping insurance rates.

Dear readers, I have been in business for more than 35 years. I have learned quite a lot from my experiences in different organisations. Today, I would like to share with you one experience that made an impression on me for life.

As industrial production figures hit bottom record-low levels recorded since 2018, unemployment rate rises again due to a series of unfortunate developments, which are: - Sharp decline in export orders and instable domestic demand - Rising costs and layoffs due to wage increases . .

This week marks two important dates: the updating of Turkey's credit rating by Moody's and the meeting of Turkish Central Bank Governor with investors abroad, in which Minister Şimşek decided not to attend at the last minute. These are important details of the agenda, but there are other important developments as well.

Last week Turkey’s inflation rate was released and it turned out to be higher than last year’s. However, the private banks and the media keep backing the economic team since they are afraid that the previous team might return to office.

Inflation rate is finally released, and the salary and wage hikes along with it. The raise for public employees is set at nearly 50%, and for retirees at nearly 40%.

As the first trading day of 2024 begins, let us take a quick look at the Top ten global risks 2024: Rising armed conflicts Diplomatic tensions Fight against inflation and interest rates .

It is often thought that people make spending or investing mistakes because they lack financial literacy. I happen to have different ideas about this particular matter. Every spending decision made based on the economic rationale must transform into value. By value, I mean monetary return or any contribution to the society. But the priority is, of course, should be helping increase welfare.

Last night, an investor phoned me quite late to ask me some questions. The first question was, "I heard that credit card instalment programmes are going to be terminated. Could this be considered a positive thing?" I told him that it was not good news for Turkish people who hardly make ends meet, but the Minister of Treasury and Finance fancies itself a revolutionary like the late Kemal Derviş, and that’s why the government is trying to put an end to certain practices.

As parents, we can only try to empathise with mothers and fathers who have recently lost their sons to terror attacks in northern Iraq. But we would never be able to comprehend the magnitude of the pain they feel. No form of expression would suffice to show our gratitude to those who gave their lives outside our borders to protect us and our homeland.

My expectation from the Central Bank is to show that it is aware of what is happening to the economy, not to make premature comments, to tell the things that are going well as they are, without exaggeration, in short, to show that it knows what it is doing. I just hope that the communication accidents committed by Chair Erkan in order to appear sympathetic to the public will not occur again.