News World Turkish lira barely moving, inflation spiking

Turkish lira barely moving, inflation spiking

Turkey’s lira was barely moving on Thursday ahead of an expected interest rate increase by the central bank, according to Reuters.

The Turkish central bank faces the dual challenge of a sinking lira and spiking inflation, and is expected to raise rates by 175 basis points to 12%. It had unexpectedly increased rates in September.

Concerns over Turkey’s diminishing foreign exchange reserves, coupled with tensions in the Caucasus and Cyprus had pushed the lira to record lows earlier in the month.

Turkish stocks were about 0.3% higher.

Top Stories

New covid cases under 200 today, number of hospitalised rising

  The health ministry announced 152 new cases of covid-19 over the past 24 hours, 11 of which were confirmed by PCR following an initial...

Central Bank Governor tests positive for covid

  Central Bank governor Constandinos Herodotou has tested positive for covid-19 and will self-isolate at home where he will continue his duties. Herodotou announced the positive...

Britain expects “very significant” week for Brexit talks as clock ticks down

  Britain and the European Union are heading into a “very significant” week, British foreign minister Dominic Raab said, as talks over a trade deal...

No restrictions to and from Limassol and Paphos as of midnight

  Authorities are suspending movement restrictions to and from Limassol and Paphos as of midnight in line with the new health ministry directives announced on...

Iran to give a ‘calculated’ response to nuclear scientist killing, says official

  Iran will give a “calculated and decisive” response to the killing of its top nuclear scientist, said a top adviser to Iran’s supreme leader,...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...