Forces of Inflation: Turkey's Central Bank Boss Will Move In With Her Parent

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Quote from: Jegileman on December 17, 2023, 03:34:15 AM

I was going through the local news channel in my country when I saw a notification popped up that left me in awe, it says that “Inflation Forces Turkey’s Central Bank Chief To Move In With Parents”. I was surprised to see the rate of inflation in the country now becoming very hard for the Central Bank Chief not being able to pay for a house in the capital city of Turkey, Instanbul.

I am not from Turkey but I can see the lira currency has more value than ours currency which indicates that your local currency is doing way good than ours. Well, it also means things in your country will be more expensive than ours as per currency difference. Besides all this, I sometimes find statements like these coming from political celebrities as an act to gain some positive attraction of sympathy or love from those who thought they might be corrupt.

Well, when I read this news the first thought that came to my mind is, that she might not be doing corruption that's why she can't afford a new house or she might not have saved any money. Besides all other factors, inflation is a big one to talk about.

To be honest, buying only land has become very expensive for a middle-class person and building a house on that land seems impossible for a middleman.

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The inflation level of one EU country can't be used to justify other EU countries.
Having said that, Turkey has been experiencing the collapse of the currency and a rapid increase in inflation months ago which has caused financial ruin for some people from Turkey.
The majority of people in the crypto space may not know that this is the reason a lot of people from Turkey saw cryptocurrency as an alternative months ago before the earthquake incident.

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Quote from: _act_ on December 17, 2023, 05:20:30 AM

Maybe the woman is trying to communicate something to the world. I just do not know. Because it should not be worse to the extent that a whole central bank governor will not have at least government provided accomodation during her service.

I cannot consider it more than a rhetorical ploy to highlight the problem of inflation. I cannot imagine that the governor of any central bank in any country in the world, no matter the size of its economy and no matter how failed its financial policies, would not provide a private residence for its governor with strict security protection. He is an important national figure as important as the president and his ministers.
The situation in Turkey is truly catastrophic due to the frightening decline of the Turkish lira against all foreign currencies, which is happening at a strange speed. The government is unable to control inflation levels, and every new plan to remedy the matter makes the situation worse.

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Quote from: CLS63 on December 17, 2023, 03:34:32 PM

It is a statement made to say "I'm also in the same boat with you." However it isn't factual.

Exactly! She's not in the same boat with them. She's rich as hell. Worst case scenario she leaves the country for a different country where she would live peacefully for the rest of her life. I'm sure nobody is truly going to believe that she can't afford rent. If a person of her status can't afford rent that means more than half of the country can't afford rent.
Although, if she has good intentions, this gesture can have a positive impact. It can help the people be calm and trust that the government is working to fix the country. The "we're in this together" gesture helps people relax knowing that they're not alone in a God-forsaken situation.
When a country gets to the level Turkey is at, it's always the middle class and lower class that feels it the most, not the top people in government r government institutions.

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Turkey's Lira has been experiencing devaluation for at least 1 year now, a lot of problem is happening on basic level of Turkey's economy. Their import far more compared to their export, and how the central bank handling the inflation problem is not helping at all. Turkey's Central Bank doesn't increase the interest rate, to discourage people from borrowing money and control the inflation. If nothing change on the economic policy, the trajectory seems to lead Turkey's to the same place as Venezuela.

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Experiencing serious problems, the current condition of Turkey is quite convincing with high inflation, up to more than sixty percent.
Even though there are slight indications of improvement, it is undeniable that the decline is far from substantial. The Turkish state and government face an arduous task in restoring their economy and curbing inflation within a short period of time. Based on the information I have gathered, the Turkish citizens are grappling with severe difficulties in meeting their daily needs and sustaining a decent livelihood. The escalating cost of living has placed many families in a precarious financial situation, forcing them to resort to scouring various stores in search of discounted items.
The current situation in Turkey, both in the country and society, serves as a cautionary tale for us to exercise greater wisdom in our financial management and expenditures. It is imperative that we recognize the escalating prices of essential commodities such as food and energy. The potential consequences of unchecked inflation could very well impact the nation we call home. Hence, it becomes crucial for us to approach our fiscal decisions with prudence.

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Hafize Gaye Erkan was quite serious while making this statement. Government officials in Turkey like to mock the people unfortunately. There have been many news on the country media today saying that Mrs Erkan made millions of dollars while she was working in the USA. Besides Mrs Erkan's husband is working on Wall Street now and he is living in Manhattan. I guess I don't need to say that rents are cheaper in İstanbul than Manhattan.

It is a statement made to say "I'm also in the same boat with you." However it isn't factual.

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Quote from: Jegileman on December 17, 2023, 03:34:15 AM

I was going through the local news channel in my country when I saw a notification popped up that left me in awe, it says that “Inflation Forces Turkey’s Central Bank Chief To Move In With Parents”. I was surprised to see the rate of inflation in the country now becoming very hard for the Central Bank Chief not being able to pay for a house in the capital city of Turkey, Instanbul.

If this is how bad the inflation rate has increased, what will be the fate of the less privileges living there? They will be living with a lot of debt, struggling day in day out to get something as little on their table to fend on. If this is the case in Turkey currently, is inflation imminent to take place in other European countries in that region. I hope we are not heading into inflation soon again.

https://www.channelstv.com/2023/12/16/inflation-forces-turkeys-central-bank-chief-to-move-in-with-parents/amp/

There must be something else going on that we are unable to understand, there is no way that a government official at such an important position is not paid enough to at least rent a house in a nice place at the capital, and even if things were so bad that she could not do it I am sure other politicians or rich people will be willing to allow her to live in a nice house without paying any rent, so to me this is a message, as she is basically saying the economy of her country is so bad that not even she can afford anything there anymore.

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Quote from: Jegileman on December 17, 2023, 03:34:15 AM

I was going through the local news channel in my country when I saw a notification popped up that left me in awe, it says that “Inflation Forces Turkey’s Central Bank Chief To Move In With Parents”. I was surprised to see the rate of inflation in the country now becoming very hard for the Central Bank Chief not being able to pay for a house in the capital city of Turkey, Instanbul.

If this is how bad the inflation rate has increased, what will be the fate of the less privileges living there? They will be living with a lot of debt, struggling day in day out to get something as little on their table to fend on. If this is the case in Turkey currently, is inflation imminent to take place in other European countries in that region. I hope we are not heading into inflation soon again.

It's a news story that has likely been manipulated into a clickbait article title, to get people to click it so they can generate advertising revenue and you fell for it. There are all sorts of reasons that someone might move in with their parents, often on a merely temporary basis, like selling their house and moving elsewhere. You are just reading one clueless journalists' opinion of why they have moved back in, based on zero evidence and I can guarantee you she will not have given that as the reason. Turkey actually stands a chance at turning itself around now, after Erdogan gave up that foolishly stubborn stance of holding the interest rate low because he thought he was some kind of economic expert but it's obvious he just made the situation far worse than needed.

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In my local parlance there is a saying that , we left home to feed home but it is too tough out here so we may have to return home so we do not die.

Although this may sound like an over exaggeration it just goes to show how crippling the inflation rate has damaged the economy of Turkey and how the average citizen would not be able to keep up.

What changes do we expect to see.

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Some fiat are just created to scam citizens. In countries like Turkey and Venezuela and most other countries, wise citizens will invest on something appreciative like bitcoin, gold, silver and properties.

We should add Zimbabwe, Nigeria, Argentina, Egypt.

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Erdogan has been involved in a lot of questionable monetary policies for Turkey, so I'm not really surprised that the economy in there is really done for. What I don't agree with is that Europe should be in shambles if this is what's happening with their closest neighbors. Europe is more interested in reducing inflation and trying to keep up with their investments and monetary policies rather than keeping interest rates low, which Erdogan and his close advisors have been doing for years.

Quote from: kryptqnick on December 17, 2023, 12:58:04 PM

It might be just an act by the boss to gain some sympathy of the people, right? This sends a clear message that we're all in this together, and that she isn't involved in corruption that would allow escaping the struggles of regular people. It also averts the blame from her, even though the head of the Central Bank is certainly someone to blame when the inflation rate is very high. Then again, the article says that she's the new head, so I suppose inflation isn't her fault. She also has good financial experience from the US, it seems, so hopefully this act was sincere and, more importantly, she will be able to improve the situation in Turkey.

Sincere or not, the most important thing right now is to get the gears moving and get the inflation controlled. Thankfully, Erdogan and his associates are slowly trying to curb the plunge of their economy by applying some techniques from the West and slowly increasing interest rates to keep up with the inflation. Besides, the new head is just appointed back in July, and they already applied some drastic measures compared to what's been applied in Turkey for years. It's a good start.

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I have read inflation in Turkey is indeed worrying, though I doubt it could become more serious than people here in Venezuela witnessed back some years ago. In my opinion, the fact someone in such an important position in the government gets to feel the pinch of inflation in her personal finances could be a sign of lack of corruption within that department. Why? because in the most cases within highly corrupted countries and societies, those in power and in important positions won't get affected by the rates of inflation, since they would had already gotten enough money illegally for them to acquire properties and do businesses.

If inflation here would have forced ministers and politicians to move back to their parents homes, I would have given me the impression they are not corrupt, though, in reality when the rest of the common population was suffering the effects of increase of prices everywhere those ministers and bureaucrats were still attending to important dinners and having their full 3 meals a day.

Anyways, I hope the Republic of Turkey can get out of this sad situation, in a democratic and peaceful way.

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It might be just an act by the boss to gain some sympathy of the people, right? This sends a clear message that we're all in this together, and that she isn't involved in corruption that would allow escaping the struggles of regular people. It also averts the blame from her, even though the head of the Central Bank is certainly someone to blame when the inflation rate is very high. Then again, the article says that she's the new head, so I suppose inflation isn't her fault. She also has good financial experience from the US, it seems, so hopefully this act was sincere and, more importantly, she will be able to improve the situation in Turkey.

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Quote from: _act_ on December 17, 2023, 05:20:30 AM

Maybe the woman is trying to communicate something to the world. I just do not know. Because it should not be worse to the extent that a whole central bank governor will not have at least government provided accomodation during her service.

Maybe she is communicating to the people of Türkiye to make sacrifices in the face of these economic problems. 44-year-old Hafize Gaye Erkan has worked in top organizations in the US and can afford to pay for any house regardless of the rent. Her earnings as a Central Bank chief will also be enough to pay for any house in Istanbul. I can also imagine that her parent's house might be comfortable which is why she could move into the family house.

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All I can say is that this is bad to hear.

Some fiat are just created to scam citizens. In countries like Turkey and Venezuela and most other countries, wise citizens will invest on something appreciative like bitcoin, gold, silver and properties.

President Recep Tayyip Erdogan allowed his religious faith to determine his economic policies. So he made some unorthodox economic policies that affected the Turkish economy negatively. But he has started listening to sound economic ideas that have led to the increase of interest rates and the economy is gradually coming out of its woes. The cost of Türkiye is very high and people are focusing more on survival than investment.

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It's either an exaggeration or a fake news for fun and laughter, although I am not denying the fact that turkey is facing inflation, the country economy has been hit had with inflation in recent time and from last I checked the situation hasn't gotten better either way.

This problem is not only peculiar to turkey developed countries and developing countries has been experiencing such fate and my country Nigeria is amongst those hot had our currency drops in value almost everyday and the current value for 1 dollar to a Niara is about 1200 Naira.

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Quote from: Jegileman on December 17, 2023, 03:34:15 AM

If this is the case in Turkey currently, is inflation imminent to take place in other European countries in that region. I hope we are not heading into inflation soon again.

Muhahahahahhaha
https://www.statista.com/statistics/225698/monthly-inflation-rate-in-eu-countries/

By that logic if Argentina has 140% inflation Canada should be worry also, same with Iran, with 60% inflation it means China is going to experience the same!

Turkey is f** up because of Erdogan policies, nothing else, he still believes low rates, cheap money counter inflation, despite being proven wrong by the whole world, nothing to do with anything else, not Europe, not gas or oil, not food , now war, just a moron as a dictator!

Quote from: Pierre 2 on December 17, 2023, 11:58:06 AM

Turkish central bank admin was ceo of 1-2 American banks in past so I am sure she had millions of dollars already. İ

You left out the most important detail, she was CEO of First Republic Bank, the bank that went under just one year after she left, that after being in charge for 8 years! And now....I wouldn't want to be a turk who's business depends on the CB decision right now!

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Quote from: cabron on December 17, 2023, 12:15:16 PM

Quote from: Pierre 2 on December 17, 2023, 11:58:06 AM

Turkish central bank admin was ceo of 1-2 American banks in past so I am sure she had millions of dollars already. İstanbul is definitely expensive city I don't deny it but she can surely stay in rent in many different residences or houses there. She is rich person.
I feel like its very exeggarated joke. I guess she tried to create public awareness that they also follow rents and thinking those are very expensive. Anyways, its pretty normal housing is expensive in Türkiye because inflation is around %70 levels...

So it was just the media. Anyone who has been involved in inflation, although they are not the ones printing it as long as they are part of it I guess will face the blame.
And Erdogan's government made lots of enemies within the country. This is not like Iran where if they caught someone lying, they'd execute on the town square. So the media can do something freely.

But there is nothing wrong with moving to her parent's house unless she is married and brings her family along. In India, this is quite a delight.

She doesn't deserve blame because she wasn't one of those populist politicians that created huge inflation with extraditionary amount of loans given through public banks in past. She actually raised rates and slowed down inflation (really). We may say yeah, she possibly joked to newspaper reporter and reporter took her sentence out of context. We didn't personally hear their dialogue so its not hard to manipulate for newspaper reporter.

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Quote from: Pierre 2 on December 17, 2023, 11:58:06 AM

Turkish central bank admin was ceo of 1-2 American banks in past so I am sure she had millions of dollars already. İstanbul is definitely expensive city I don't deny it but she can surely stay in rent in many different residences or houses there. She is rich person.
I feel like its very exeggarated joke. I guess she tried to create public awareness that they also follow rents and thinking those are very expensive. Anyways, its pretty normal housing is expensive in Türkiye because inflation is around %70 levels...

So it was just the media. Anyone who has been involved in inflation, although they are not the ones printing it as long as they are part of it I guess will face the blame.
And Erdogan's government made lots of enemies within the country. This is not like Iran where if they caught someone lying, they'd execute on the town square. So the media can do something freely.

But there is nothing wrong with moving to her parent's house unless she is married and brings her family along. In India, this is quite a delight.

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Turkish central bank admin was ceo of 1-2 American banks in past so I am sure she had millions of dollars already. İstanbul is definitely expensive city I don't deny it but she can surely stay in rent in many different residences or houses there. She is rich person.
I feel like its very exeggarated joke. I guess she tried to create public awareness that they also follow rents and thinking those are very expensive. Anyways, its pretty normal housing is expensive in Türkiye because inflation is around %70 levels...

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It's not logical to compare this with other European countries, because compared to the inflation in Türkiye, the figures in Europe are very low. They boast of success when they can bring annual inflation down to 60%. If there was such inflation in Europe, the government would probably change instantly. This happened especially as a result of the wrong economic policies in recent years. High rents are one thing, inflation is quite another. Although some positive steps have been taken, it's not possible to reduce inflation without structural changes.

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Inflation rate is quit high but I don't see it to be the reason for the Central Bank Cheif to move with her parents, she doesn't want to reveal what caused her action but had to use inflation as an excuse, no matter how had a country is I believe with her level she should own at least a house in the city, think about it she's an economist and has at least the capability to own an estate in the city with her influence but she has non. How is it possible to hold such position in a country and be homeless to an extent of moving in with her parents imho the story isn't clear.

For the less privilege I think they will always survive in any condition because they are the source of agricultural products in the economy, most of the people in the rural areas focus on agriculture for survival has less worries about the economy of the country because they produce nature product for consumption.

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Quote from: Jegileman on December 17, 2023, 03:34:15 AM

I was going through the local news channel in my country when I saw a notification popped up that left me in awe, it says that “Inflation Forces Turkey’s Central Bank Chief To Move In With Parents”. I was surprised to see the rate of inflation in the country now becoming very hard for the Central Bank Chief not being able to pay for a house in the capital city of Turkey, Instanbul.

If this is how bad the inflation rate has increased, what will be the fate of the less privileges living there? They will be living with a lot of debt, struggling day in day out to get something as little on their table to fend on. If this is the case in Turkey currently, is inflation imminent to take place in other European countries in that region. I hope we are not heading into inflation soon again.

https://www.channelstv.com/2023/12/16/inflation-forces-turkeys-central-bank-chief-to-move-in-with-parents/amp/

Nope. The inflation levels in Turkey have nothing to do with the inflation levels in "other European countries in that region".
The monetary policy of the Turkish central bank was stimulating high inflation for years(because Erdogan thought that low interest rates are good for the economy). Turkey has a negative trade balance(import is bigger than export) and the foreign investments are declining, because the economic situation in Turkey seems unstable. Having a negative trade balance in combination with a budget deficit are two major factors, that contribute to higher inflation.

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Maybe the woman is trying to communicate something to the world. I just do not know. Because it should not be worse to the extent that a whole central bank governor will not have at least government provided accomodation during her service.

All I can say is that this is bad to hear.

Some fiat are just created to scam citizens. In countries like Turkey and Venezuela and most other countries, wise citizens will invest on something appreciative like bitcoin, gold, silver and properties.

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This news seems like a bad joke, but I can believe that it happens in countries with a more than failed monetary policy. When the country's currency is rubbish, people put it into other assets that preserve real value and beat inflation, one of them being real estate, and from what the news says, the real estate policy doesn't seem to have been right either. It is clear that they have not read what happened with Diocletian's edict.

In any case, I suppose that the move in with her parents is a personal decision because she could certainly rent a house or take out a mortgage for one, but not in the area she wanted, hence the decision.

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I was going through the local news channel in my country when I saw a notification popped up that left me in awe, it says that “Inflation Forces Turkey’s Central Bank Chief To Move In With Parents”. I was surprised to see the rate of inflation in the country now becoming very hard for the Central Bank Chief not being able to pay for a house in the capital city of Turkey, Instanbul.

If this is how bad the inflation rate has increased, what will be the fate of the less privileges living there? They will be living with a lot of debt, struggling day in day out to get something as little on their table to fend on. If this is the case in Turkey currently, is inflation imminent to take place in other European countries in that region. I hope we are not heading into inflation soon again.

https://www.channelstv.com/2023/12/16/inflation-forces-turkeys-central-bank-chief-to-move-in-with-parents/amp/

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