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Amid “apocalyptic” scenes of devastation, Turks search rubble of homes for their gold savings.
Alliance resolves row that split ranks by agreeing popular Istanbul and Ankara mayors will be made vice-presidents should country’s authoritarian ruler be defeated.
Inflation research group ENAG records alternative figure of 127%.
As tremors continue to shake Turkey, opposition lambasts Erdogan again and again for “having done nothing” to prepare the country for major earthquakes during his 20 years in power.
President was already arranging another cut before country was struck by earthquake disaster.
Central bank governor calls in to marathon TV show to donate TRY30bn of QE to aid appeal.
Turkonfed forecasts $74mn of building losses and $10bn of economic output losses.
I am getting lots of questions now around the economic and broader political/geopolitical impacts, so thought it might be useful to put some of these down on paper.
President hits back, says it is “not possible” to prepare for such a big disaster. Questions over what happened to “earthquake tax” money resurface.
Analyst says assessments indicate around 10% of national GDP generated by areas impacted by disaster.
Istanbul's ENAG inflation research group calculates inflation was 122%.
Alas, prepare for a pre-election ‘Erdoganomic’ cycle.
Officials offer 2% “conversion support” to exporters who surrender more of their FX earnings.
Rate-setters are, however, sidelined. Erdogan administration conducts monetary policy via macroprudential measures and non-capital controls.
Turkish president accused by jailed Kurdish leader of planning to ban his party as part of scheme to foment "chaos" in country’s opposition in run-up to polls.
New central bank chief and economy minister are apparently grappling with a sinister “man in Istanbul” who’s pulling levers on Iran’s FX market.
President Erdogan, meanwhile, drops heavy hint polls will be brought forward from scheduled mid-June date.
Istanbul’s ENAG research group of economists calculates alternative figure of 138% y/y.