Turkey’s inflation rises to 68.5% despite successive rate hikes

Turkey’s inflation rises to 68.5% despite successive rate hikes

by | Apr 3, 2024 | Banking

Key points

  • Inflation still runs wild in Turkey at 68.5%.
  • Education cost had the highest inflation by 104% YoY, followed by hotels and eateries at 95% and health at 80%.

Turkey’s inflation data shows increased inflation rates despite the central bank imposing continued rate hikes. Inflation rates are now 68.5%, up from February’s 67.1%.

Turkey’s inflation is still running wild

Despite efforts by Turkey’s Central Bank to push interest rates from 45% to 50%, inflation still runs wild. Much of the inflation rise is due to a policy to increase the minimum wage for 2024 to 17,002 Turkish Lira ($530) per month, a 100% hike YoY.

This hike risks the country experiencing embedded inflation. As such, economists expect further interest rate hikes to be announced to tame the wild inflation. However, this process is likely challenging, considering that the Turkish Lira has lost over 81% of its value against the dollar in five years.

Hope remains for the Turkish people as their Central Bank has been busy working on a turnaround policy to ease the pain in the markets and stabilize the Lira. This also shows that the Central Bank now has greater independence and is in a position to make the situation much easier going forward. However, only time will tell what happens now.

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Texas comes out in support of Bitcoin mining

Texas comes out in support of Bitcoin mining

by | Jun 4, 2023 | Cryptocurrencies

  • Texas has shown continued support for Bitcoin mining after introducing two bills to help provide incentives to miners
  • One bill requires miners with a power consumption rate of over 75 megawatts to register legally while the other makes tax exemptions for miners who make use of wasted energy resources.

Bitcoin mining encouraged in Texas

Texas has introduced bills SB 1929 and HB 591 which were primarily designed to help and provide incentives to the bitcoin miners. Talking in detail, SB 1929 needed miners who had an energy capacity of over 75 megawatts to register themselves with the Public Utilities Commission of Texas. 

Apart from this, these mining organizations would also need to share their data with the Electricity Reliability Council of Texas. The second bill, HB 591seeks to effect the introduction of tax exemptions for organizations that make use of wasted gas, like data centers. 

The bill named SB 1751 could result in limiting the bitcoin industry’s participation in a cost-saving demand-response program that offers power credit to miners when they reduce their operations during times when there is high energy. This bill, however, is yet to be introduced, but it has been recorded and thus can be passed in the future. 

Most industry experts hold the view that an increase in communication can help in being transparent regarding data that is publicly available on mining. Apart from Texas, there are other states too which are supporting bitcoin mining. For instance, Arkansas and Montana have already come out in support of Bitcoin mining. 

New York has also imposed a moratorium on new fossil fuel-based bitcoin mines, and then there is Oregon which is striving to reduce greenhouse gas emissions from data centers and miners. Additionally, Biden’s proposed 30% tax on Bitcoin mining is most likely put on hold giving Bitcoin mining a chance to thrive in the country.  keep watching Fintech Express for updates on the crypto industry and other fintech-related developments.