Turkey's central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80 per cent and making it difficult for people to buy what they need, falling in line with the unorthodox economic views of the country's president.
In a statement following a monetary policy committee meeting, the bank said it decided to reduce the policy rate from 14 per cent to 13 per cent.
President Recep Tayyip Erdogan has pressured the bank into lowering borrowing costs in a bid to boost economic growth, investment and exports, insisting that interest rate hikes cause inflation. That contradicts established economic thinking, with rate increases the traditional tool to target inflation.
Central banks worldwide are raising interest rates as rising food and energy prices drive inflation to decades-high levels. Even then, inflation figures in the U.S. of 8.5 per cent, the United Kingdom of 10.1 per cent and the 19-country euro area of 8.9 per cent come nowhere close to Turkey's eye-popping rate of nearly 80 per cent, with skyrocketing food, housing and energy prices hitting people hard.
Turkey's central bank made a series of interest rate cuts last year despite high inflation, dropping rates by 5 percentage points before pausing in January. The cuts triggered a currency crisis and further fueled rising consumer prices, while Russia's invasion of Ukraine and soaring energy costs aggravated the situation.
The Turkish lira weakened by nearly 1 per cent against the dollar shortly after Thursday's central bank decision.
In the capital Ankara, shoe shop owner Abdullah Erbecer said the weakening currency has affected his business.
"What we used to import for 10 lira -- we now have to pay 50 lira," he said. "I haven't sold anything all morning."
Murat Kocak, an insurance broker, questioned the central bank's decision, saying it is "impacting us negatively."
"People cannot afford to take out insurances. It has become too costly," he said.
Erdogan, who visited Ukraine on Thursday for the first time since the war started, recently defended his policy to lower interest rates, insisting that it had helped save 10 million jobs. He has promised to lower inflation, asking for the public to show patience.
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
In part three of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5's Jon Woodward and Joseph Loiero look into allegations that the industry is rife with organized crime activity.
Four people are dead and another is in hospital following a fiery crash in downtown Toronto that happened overnight on Lake Shore Boulevard.
A haunted house in the Ontario Town of Innisfil is causing a real scare for some people a week before Halloween.
Already low on inventory, the used car market is facing an additional supply crunch as fewer off-lease vehicles return to dealership lots — and that's contributing to higher prices.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
Prime Minister Justin Trudeau is expected to announce a major drop in the number of new permanent residents Canada will accept in 2025.
Pope Francis issued the fourth encyclical of his papacy on Thursday, denouncing a world that 'is losing its heart' during times of global turmoil marked by 'wars, socio-economic disparities and the uses of technology that threaten our humanity.'
Quebec’s Bureau of Independent Investigations (BEI) is investigating after police in Gatineau, Que. shot and killed a man who allegedly stabbed an officer during an investigation.
An investigation into a climate of fear at a Montreal primary school has reignited a debate about secularism in Quebec's education system, with the provincial government pledging to consider new measures to keep religion out of classrooms.
Ontario needs more money to properly deliver the national $10-a-day child-care program now and beyond the life of the current agreement, the province's education minister has told the federal minister in a new letter.
Speed was a possible factor in a Tuesday night rollover involving a semi-truck that left 17 cows dead. In a news release Wednesday, Calgary police said officers were called to the area of Stoney Trail S.E. and Macleod Trail S.E. around 8:10 p.m. for a reported rollover involving a semi-truck carrying 95 cattle.
Two B.C. RCMP officers won’t face criminal charges for their use for force that left a man who had been arrested for public intoxication with a concussion, a torn shoulder and a chunk of his hair missing – but they could face professional discipline.
Four people are dead and another is in hospital following a fiery crash in downtown Toronto that happened overnight on Lake Shore Boulevard.
Quebec’s Bureau of Independent Investigations (BEI) is investigating after police in Gatineau, Que. shot and killed a man who allegedly stabbed an officer during an investigation.
Pope Francis issued the fourth encyclical of his papacy on Thursday, denouncing a world that 'is losing its heart' during times of global turmoil marked by 'wars, socio-economic disparities and the uses of technology that threaten our humanity.'
Trash carried by a North Korean balloon fell on the presidential compound in central Seoul on Thursday, officials said, the second such case in recent months that raise concerns about the vulnerability of key South Korean sites during potential North Korean aggression.
An Israeli strike on a school where displaced people were sheltering in the central Gaza Strip killed at least 17 people on Thursday, Palestinian medical officials said.
Turkiye’s air force struck Kurdish militant targets in Iraq and Syria on Wednesday in apparent retaliation for an attack at a key state-run defence company that killed five people and wounded more than a dozen others.
The Justice Department warned Elon Musk’s America PAC in recent days that his US$1 million sweepstakes to registered voters in swing states may violate federal law, people briefed on the matter told CNN.
If you’re a regular visitor to Walt Disney World, your annual passes are going to cost you more. The resort in Orlando, Fla., hiked prices on all four levels of its passes on Wednesday.
Prime Minister Justin Trudeau is expected to announce a major drop in the number of new permanent residents Canada will accept in 2025.
Prime Minister Justin Trudeau says the Liberal party is 'strong and united,' despite efforts from within his caucus to oust him as leader.
A debate has ground work in the House of Commons to a halt for weeks, but a new poll suggests that most Canadians are not even aware it's happening.
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
A quick shake of the head after a hard hit could signal that a person has a concussion, a new study suggests, based on the experiences of young athletes.
A recall has been issued for certain clothing items sold at Giant Tiger stores over high levels of lead, according to a notice published by Health Canada Tuesday.
Vancouver Fire Rescue Services received its first shipment of new firefighting gear on Wednesday, advancing the department's plans to reduce cancer risk for its members.
Officials in Hong Kong said Wednesday they have discovered dinosaur fossils in the city for the first time on a remote, uninhabited island that's part of a geopark.
A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Ron Ely, who played the title character 'Tarzan' in the 1960s NBC series, has died at the age of 86.
Cardi B says she has been hospitalized with a medical emergency and will have to miss a Saturday night headlining performance at an Atlanta music festival.
Almost three years after the deadly Astroworld Festival tragedy, Houston rapper and concert headliner Travis Scott just settled hundreds of lawsuits related to the case.
Canada's discount airline is suspending operations to and from Saskatoon.
Equifax Inc. is launching a program to allow newcomers to transfer their foreign credit history to Canada.
Things could be looking up for Waterloo, Ont.-based company and former tech darling Sandvine, after being removed from the U.S. Department of Commerce Entity List earlier this week.
A new resident at a Manitoba animal rescue has waddled her way into people's hearts.
Grab your passport and your sunscreen, Lonely Planet has just revealed its 30 must-visit destinations for 2025 as well as a brand-new rundown of top 10 travel trends.
The Radium Hot Springs in British Columbia's Kootenay National Park has undergone a $29-million makeover.
Chris Boucher was back, for at least one game. The veteran forward spent most of last season at the far end of the Toronto Raptors' bench, rarely seeing playing time.
An 18-year-old has filed a lawsuit over the ownership of the ball Shohei Ohtani made baseball history with when he became the inaugural member of the 50-50 club.
Former 'Malcolm in the Middle' star Frankie Muniz is set to continue his NASCAR career with a full-time ride in the Truck Series for 2025.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A meteor lit up our region's sky last night – with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.
The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that – and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.
Legend has it that on a dark evening in 1988, friends of Supt. Joe Atherton quietly buried his body on the site of the old provincial RCMP headquarters in Vancouver.
Since the record-breaking atmospheric river hit Metro Vancouver last Friday, 266 drivers have filed ICBC claims for water damage to their vehicles. In some places, flood water was so deep, cars floated away with the drivers still inside, and the engine running.
Brittany La Torre and her husband Marc moved into their West Vancouver home just six months ago, but after last weekend's storm brought a torrent of muddy water and debris into their basement, knocking out power, they're not sure whether they'll be living in it six months from now.
Four people are dead and another is in hospital following a fiery crash in downtown Toronto that happened overnight on Lake Shore Boulevard.
It's a dream for many Canadians, trying to save up enough money for a down payment on their very first home. That was also the dream for the Esmeralda family, a family of five with two dogs who currently live in a Scarborough apartment building.
Prime Minister Justin Trudeau is expected to announce a major drop in the number of new permanent residents Canada will accept in 2025.
A proposed inner-city apartment complex development by Anthem Properties is raising concerns for some residents of Hillhurst and West Hillhurst.
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
Quebec’s Bureau of Independent Investigations (BEI) is investigating after police in Gatineau, Que. shot and killed a man who allegedly stabbed an officer during an investigation.
The City of Ottawa is hoping to learn this week just how many residents in the capital are homeless.
It feels like fall in Ottawa today, after four straight days with temperatures in the 20s. Environment Canada says temperatures will warm up to 10 C on Thursday, Friday and Saturday.
An investigation into a climate of fear at a Montreal primary school has reignited a debate about secularism in Quebec's education system, with the provincial government pledging to consider new measures to keep religion out of classrooms.
High temperatures have been trending in Montreal this season, but that could soon come to an end.
Montreal Mayor Valérie Plante says she will quit municipal politics after serving the final year of her second term, which comes to an end in November 2025.
An Edmonton tow truck operator has been charged after police say he refused to release a vehicle to its owner.
The City of Edmonton has a long road ahead to replace aging ice arenas as demand for ice time increases.
The leader of Alberta's Official Opposition rolled up his sleeves for his COVID-19 and flu shots today, opting to receive them in front of media because he's concerned about vaccine uptake.
Donations are quickly pouring in for the family of a young woman who was found dead inside a Walmart in Halifax last weekend.
A volunteer treasurer is facing charges after funds went missing from Nova Scotia Premier Tim Houston’s riding.
The official results of the 2024 Halifax municipal election were released Wednesday night.
A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.
A sentencing hearing is set to begin today for a Manitoba man who admitted to killing his common-law partner and their two young children.
A 59-year-old man has died following a crash involving three vehicles that started after a tire fell off a car on the Trans-Canada Highway Wednesday morning in the RM of Tache.
Former Saskatchewan Party MLA Gary Grewal is defending his conduct and disagreeing with a recent report from the Conflict of Interest Commissioner (COIC) – which found he broke rules that prohibit MLAs from being involved with government contracts.
Southey RCMP say drivers should expect delays on Highway 6 Wednesday night after a serious crash.
Regina police says officers will provide an update Thursday in its search for the suspect of a homicide that took place in the city during the summer of 2023.
Detective Robert Hofstetter examined Erb’s home after her death and came to several conclusions based on the blood stains he found there.
A psychologist who recently assessed Geovanny Villalba-Aleman believes he may have experienced a psychotic break before stabbing three people in a gender studies class at a University of Waterloo.
Corrections Service Canada has confirmed a women’s prison in Kitchener is in lockdown.
The race to form government is heating up ahead of the provincial election on Monday. Both the Saskatchewan NDP and the Saskatchewan Party feel they have the momentum as each leader has been focusing on different areas of the province as the campaign trail nears its end.
Canada's discount airline is suspending operations to and from Saskatoon.
The Saskatoon civic election is drawing closer, with mayoral candidates outlining their visions to keep the city competitive and attract businesses.
The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.
It only took minutes for North Bay pharmacist Brian Chute to be out $1,500 after fraudsters deceptively swapped his bank card with another.
A new report by the Canadian Institute for Health Information says 83 per cent of adults in this country have a regular primary-care provider, but that still leaves 5.4 million adults without one.
A 27-year-old man is miraculously alive after his pickup went over Hawk Cliff near Port Stanley. Fire fighters estimate that from the top to bottom of the embankment is around 270 feet.
Under tough cross-examination at the London courthouse on Wednesday, Rachel Johnson, 21, was asked a number of times why there was a delay in calling 911
OPP have confirmed that a transport truck driver crashed into a historic home just southeast of London this morning.
A suspect in an armed robbery that took place one year ago in Hanover will officially face the court for their charges following an arrest on Sunday.
A haunted house in the Ontario Town of Innisfil is causing a real scare for some people a week before Halloween.
In the Town of Tecumseh, residents and athletes alike are facing a pickleball problem that may prove costly.
As hospitals elsewhere in Ontario reintroduce mask mandates due to rising respiratory illnesses, Windsor hospitals are taking a more measured approach.
In part three of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5's Jon Woodward and Joseph Loiero look into allegations that the industry is rife with organized crime activity.
Two B.C. RCMP officers won’t face criminal charges for their use for force that left a man who had been arrested for public intoxication with a concussion, a torn shoulder and a chunk of his hair missing – but they could face professional discipline.
When 16-year-old Kaydence Bourque was struck and killed in a crosswalk on Cedar Hill Cross Road in Saanich in 2021, the community was shaken to the core.
A man who fired at least 19 gunshots at an RCMP detachment in northern British Columbia, narrowly missing officers inside, has won a reduced prison sentence from the province's highest court, which ruled the sentencing judge failed to fully weigh the man's mental illness at the time.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
Graduate students looking to become mental-health professionals will have more opportunities to study in the University of Lethbridge’s Master of Education Counselling Psychology program.
A dazzling light display is making its return to Lethbridge this holiday season.
As part of anniversary celebrations, the City of Lethbridge is inviting the community to see VisitLethbridge.com Arena like they never have before.
The lack of 24-hour public washrooms has been a long-standing issue in the Sault, especially considering the rise in homelessness.
The union representing the fire rangers with the Ministry of Natural Resources says money won’t fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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