The impact of increased inflation in Turkey stopped affecting only the poor and began to affect the wealthier classes. An example of this is Turkish Central Bank Governor Hafez Gay Erkan, 44, who mentioned in an interview that she returned to live in her parents’ house due to rising real estate prices.
Hafez spoke to Hurriyet newspaper today, Saturday the 16th, about the real estate situation in Istanbul and that there is an imbalance due to lack of supply and cheap financing, in addition to the fact that Turkey is suffering from high rental prices. This meant that she could not find a home for herself.
The governor of the Central Bank, who took office, explained: “Is Istanbul more expensive than Manhattan? We cannot find a house in Istanbul. It is too expensive. We settled with my parents and will stay with them.” June after the re-election of President Recep Tayyip Erdogan.
The decline in the value of the Turkish lira was one of the reasons for the rise in inflation in Turkey in 2023, which reached 62% on an annual basis in November. Rental prices also increased by 77.1% during this period, according to Bahcesehir University.
To contain the increase, the central bank has raised interest rates from 8.5% to 40% since June. “We have reached the end of monetary tightening measures,” Hafez said.
Source: Redacao Terra
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