The rental market in the Turkish metropolis of Istanbul is apparently overwhelming even the country’s most powerful banker: Hafize Gaye Erkan, head of the Turkish central bank since June, says she has moved back in with her parents. «We didn’t find any accommodation in Istanbul. It’s terribly expensive. We stayed with my parents,” 44-year-old Erkan said in an interview with the “Hürriyet” newspaper published on Saturday.
“Is it possible that Istanbul has become more expensive than Manhattan?” Erkan asked further in the interview. Before her appointment as head of the Turkish central bank, the 44-year-old lived in the US for twenty years – and worked in management positions at several major banks, including Goldman Sachs.
Inflation is at 62 percent
Turkey has been struggling with enormous inflation for months: in November the inflation rate was 62 percent compared to the same month last year. In Istanbul, rents rose by 77.1 percent over the same period, according to a study by the city’s Bahçesehir University.
As a countermeasure, the Turkish government has limited rent increases to 25 percent. However, according to experts, this measure has further aggravated the situation on the rental market: landlords are now trying in every possible way, sometimes even illegally, to get rid of their tenants in order to re-rent properties at prices many times higher. .
To combat inflation, the Turkish central bank under Erkan’s leadership has raised the key interest rate by 8.5 percentage points to 40 percent. However, these “tightening monetary policy measures” have now come to an end, Erkan told “Hürriyet”. (t-online, afp)
Soource :Watson
I am Amelia James, a passionate journalist with a deep-rooted interest in current affairs. I have more than five years of experience in the media industry, working both as an author and editor for 24 Instant News. My main focus lies in international news, particularly regional conflicts and political issues around the world.
