2023-12-16 16:13:32
The head of the Turkish Central Bank, Hafiza Ghaya Arkan, who was appointed months ago, revealed that the high inflation rate in the country and its impact on the cost of housing prompted her to reside with her family in Istanbul.
“We did not find a house in Istanbul,” Arkan said in statements reported by Hurriyet newspaper. (Real estate) is very expensive. “I had to stay with my parents.”
Arkan (44 years old) was appointed head of the Central Bank in June, and she returned to her country following spending more than two decades in the United States, where she worked in major financial institutions such as Goldman Sachs and First Republic.
She added: “Is it possible that the cost of living in Istanbul has become more expensive than Manhattan?” It is a question whose answer is known to a large portion of the young generation in Turkey’s largest cities.
Inflation rate
Turkey recorded an annual inflation rate in November of 61%, under President Recep Tayyip Erdogan’s economic policy, which allowed the value of the local lira to decline.
In an effort to reduce the escalating public anger, Turkish officials set a 25% ceiling for rent increases, a move that analysts believed contributed to increasing tensions in the housing sector. Landlords seek to evict tenants, sometimes resorting to fraudulent means, in order to obtain higher housing allowances from new tenants.
Last month, the Central Bank increased interest rates to 40% in an attempt to control inflation. In this context, Arkan explained, “We are approaching the end of monetary austerity measures.” (AFP)
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