Because of rent inflation: Central Bank president has to move in with his parents

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«We couldn’t find a place to stay in Istanbul. Very expensive. “We stayed with my mother and father,” said 44-year-old Erkan in an interview with Hürriyet newspaper on Saturday:

“Is it possible that Istanbul has become more expensive than Manhattan?” Erkan also asked this in the interview. The 44-year-old actor lived in the US for two decades before being appointed governor of the Turkish central bank, where he held executive positions at several major banks, including Goldman Sachs.

Turkey has been experiencing major inflation for months: In November, the inflation rate was 62 percent compared to the same month last year. According to the research conducted by Bahçeşehir University, rents in Istanbul increased by 77.1 percent in the same period.

As a precaution against this, the Turkish government limited rent increases to 25 percent. However, according to experts, this measure has worsened the situation in the rental market: landlords are now trying to get rid of their tenants by any means, sometimes even illegally, in order to re-rent their properties at much higher prices. .

In order to combat inflation, the Central Bank, under Erkan’s leadership, increased the interest rate by 8.5 points to 40 percent. However, in his statement to Hürriyet, Erkan said that these “tightening monetary policy measures” are now over.

(SDA)

Source :Blick