Politics
Turkey raises minimum wage by 30%, increasing chances of rate cut
(Bloomberg) — Turkey raised the minimum wage by 30% for 2025, offering relief to investors looking for concrete steps to end populist policies and commit to curbing one of the country's highest inflation rates. highest in the world.
The monthly minimum wage has been increased to 22,104 lira ($627) for 2025, from 17,002 lira, Labor Minister Vedat Isikhan said on Tuesday. This increase is in line with market expectations. More than a third of the working population receives the minimum wage, which also serves as a benchmark for other salaries.
Investors had warned that any increase above 30% could derail inflation projections set by the central bank and complicate the timetable for a possible first interest rate cut since February 2023. The minimum wage is seen as l one of the main determinants of Turkish economic policy. .
Since the salary is adjusted according to expected inflation for 2025, this will make life easier for central banks, said Selva Demiralp, a professor at Istanbul's Koc University. The chances of a rate cut are even higher today.
Pricing decision
Policymakers expect price growth to slow to 21% by the end of next year, from 47.1% currently. The central banks' monetary policy committee will announce its decision on interest rates on Thursday, with most economists surveyed by Bloomberg expecting a 50% cut.
President Recep Tayyip Erdogan, who has the final say on the politically charged decision, has dramatically raised salaries in the past to curry favor with voters grappling with one of the worst cost-of-living crises in decades . This fueled domestic demand, making it harder for the central bank to control prices.
Since his re-election in May last year, Erdogan has established a new market-friendly team to repair the damage caused by the pursuit of unorthodox policies, including ultra-low rates. The team, which includes Finance Minister Mehmet Simsek and central bank governor Fatih Karahan, quickly raised borrowing costs to 50% and won praise from foreign investors.
Yet authorities struggled to convince local businesses and households that they would rein in prices and restore welfare.
(Updates with comments in fourth paragraph, central bank in fifth paragraph.)
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Sources 2/ https://www.bnnbloomberg.ca/business/2024/12/24/turkey-raises-minimum-wage-30-for-next-year/ The mention sources can contact us to remove/changing this article |
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