The Turkish economic indicators continued their negative numbers during the month of last December, so that the inflation rate jumped to 14.6 percent, reaching its highest level in 17 months since August 2019, with the continued weakness of the lira against the major currencies, which lost more than 25 percent of its value against the dollar. last year.
The Turkish Statistics Institute stated – in a report published today, Sunday – that the country’s inflation figures were higher than expectations, with the continued weakness of the lira and continued pressure on prices and those in charge of monetary policy in Turkey.
The institute pointed out that the price index for goods and services jumped by 28.1 percent, transportation by 21.2 percent, food and non-alcoholic beverages by 20.6 percent, which was reflected in the overall figures for inflation in the country.
The US dollar recorded during last week’s transactions an average price of 7.36 pounds, a level that is 25.7 percent lower than its price a year ago, affected by the pressures in the country and the increase in foreign debt rates to more than $ 440 billion, and the reserve volume fell to a record level of $ 18.45 billion. Only after losing more than $ 5 billion in one go at the end of last November, approaching its lowest level since 2003.
In Egypt, the Central Bank of Egypt announced today that the general inflation rate decreased during the month of last December, on an annual basis, to 5.4 percent, and core inflation to 3.8 percent on an annual basis.
Two days ago, the Central Bank of Egypt announced that the volume of Egypt’s foreign exchange reserves increased by about $ 850 million last December, to record more than $ 40 billion, up for the eighth consecutive months despite the Corona pandemic.
The policies of the Central Bank of Egypt succeeded in controlling inflation rates at low rates, and also maintained monetary reserve levels near their highest levels ever, despite the decline in foreign exchange resources due to the repercussions of the global outbreak of the Corona virus.
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