Archives Turkey - Page 26 of 44 - New Eastern Outlook

Somalia’s intransigence in seeking a mutually acceptable solution to the conflict with Addis Ababa is explained by Mogadishu’s close relationship with Ankara. This was triggered by the visit of the then Turkish Prime Minister Recep Tayyip Erdogan in August 2011. It was the first visit to Somalia by a high-level delegation from a non-African country in twenty years. At the time, Somalia was a ‘failed state’ at war with itself and in desperate need of food aid. Following the visit, in addition to food…

Many specialists believe that, as a result of anti-Russian sanctions and US pressure on business, and particularly on the Turkish financial system, starting from January this year Turkish banks have had to stop or freeze bank payments to Russian partners and refuse to service transactions involving Russian legal entities. If this situation persists it will naturally have a negative impact on the overall trade balance between the two countries. But there is always a solution – it is just a matter of price. The development of trade and economic relations between Russia and Turkey is closely dependent on the availability of financial support…

The financial crisis in Turkey calls for a tight monetary policy and a tough banking regulator. But Turkey’s Central Bank is being headed by one US business school graduate after another. But how will Fatih Karahan be more successful than Hafize Gaye Erkan? In terms of its financial situation, Turkey is going through difficult times. In real terms, annual inflation in 2023 has reached 65% (and some independent sources claim it is as high as 128%), and, unfortunately, is still largely the same in February 2024. Wages are not growing in line with inflation, and the poverty rate is growing…