On Wednesday, Turkish President Recep Tayyip Erdogan received his Iranian counterpart, Ibrahim Raisi, at the presidential complex in the capital, Ankara.

An official ceremony was also held during a major reception, where Erdogan was waiting for him at the main entrance to the complex.

After playing the national anthems of the two countries, the two sides presented the delegations of their countries and took souvenir photos in front of the flags of Turkey and Iran.

The Turkish delegation included Foreign Minister Hakan Fidan, Interior Minister Ali Yerlikaya, and Treasury and Finance Minister Mehmet Simsek.

In addition to Minister of Culture and Tourism Mehmet Nuri Ersoy, Defense Minister Yaşar Guler, and Agriculture and Forestry Minister Ibrahim Yumakli.

It also included the ministers of trade, Omar Bolat, transportation, and infrastructure, Abdulkadir Oraloglu, in addition to the head of the presidential communications department, Fahrettin Altun.

Also, the head of the intelligence service, Ibrahim Kalin, and the head of the Central Bank, Hafiza Ghaya Arkan.

After the reception, the two sides headed to hold a bilateral meeting, after which the two presidents are expected to attend the eighth meeting of the high-level cooperation council between the two countries and the signing ceremony of a number of agreements and to hold a joint press conference.

Earlier on Wednesday, the two presidents arrived in the Turkish capital, Ankara, to meet his counterpart Erdogan and attend the eighth meeting of the high-level cooperation council between the two countries.

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On Thursday, the Central Bank of Turkey announced an increase in the interest rate by 650 basis points to 15 percent on “repo” repurchases for a week.

The Turkish Central Bank said in a statement that it “will support the monetary tightening policy gradually when necessary and to the extent necessary until a significant improvement in inflation expectations.”

It added that the Monetary Committee of the Central Bank decided to start the policy of monetary tightening, pointing to raising the interest rate from 8.5 to 15 percent.

Central banks around the world use interest rates to reset consumer prices in their domestic markets by controlling the amount of the interest rate on loans and deposits.

Turkey succeeded in reducing high consumer prices, which exceeded 85 percent to 39.59 percent, amid expectations that the downward path will continue for the coming months.

Earlier this month, President Recep Tayyip Erdogan said, “We will take decisive steps to combat inflation and intensify our efforts to protect large segments of our people from the effects of inflation.”

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Turkish President Recep Tayyip Erdogan announced that the central bank’s foreign exchange reserves currently stand at $122 billion.

This came in a speech he delivered on Monday during his participation in the seventh general assembly meeting of the Government Employees Union.

In his speech, he touched on the general living conditions of citizens, indicating that his government will reconsider the salaries of retirees who earn more than 7,500 Turkish liras after the upcoming elections, with the aim of improving them further.

The Turkish government recently raised the wages of all retirees who were receiving salaries below 7,500 lira, while the increase did not include those who were earning more than this limit.

Erdogan stated that his government will increase the salaries of employees next July, stressing that the government will not allow inflation to crush the income of employees.

He stressed that his government is preparing to take the necessary measures to limit the sudden rise in house rental prices in major cities, especially after the February 6 earthquake.

He continued, “We will certainly solve the problem of high house rent prices by producing more houses through the Collective Housing Corporation.”

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On Thursday, the Central Bank of Turkey announced fixing the interest rate at 8.5 percent on “repo” repurchases for a week.

This came in a statement following the meeting of the Turkish Central Bank’s Monetary Policy Committee, chaired by the bank’s governor, Shihab Qawuji Oglu, in the capital, Ankara.

The committee indicated that the recently announced data on economic activity “were at more positive levels than expected, but despite this, recession fears persisted in advanced economies, and conditions threatening financial stability emerged due to the impact of geopolitical risks and high interest rates.”

It stated that the earthquake that occurred in the south of the country on February 6 will have an impact on economic activity in the short term, but it is not expected that the impact will be permanent on the performance of the Turkish economy in the medium term.

The Committee considered that the stance of monetary policy is sufficient to support the necessary recovery after the earthquake by maintaining price stability and financial stability.

On February 23, the Turkish Central Bank cut the interest rate by 50 basis points (from 9 percent to 8.5 percent).

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Turkish Minister of Treasury and Finance Noureddine Nabatai valued Saudi Arabia’s decision to deposit $5 billion in the Central Bank of Turkey.

This came in a tweet by the minister on Twitter about the agreement concluded Monday between the Saudi Fund for Development and the Central Bank of Turkey.

Nabati said, “The decision of the Saudi Fund for Development to deposit $5 billion with the Central Bank of Turkey within the framework of our increasing economic and financial cooperation in the recent period is a positive result of the Saudi administration’s confidence in the Turkish economy and our joint efforts.”

He stressed that Turkey will continue to strengthen its economic relations with Saudi Arabia and the countries of the region

On Monday, the Saudi Fund for Development announced the signing of an agreement to deposit $5 billion with the Central Bank of Turkey.

According to a statement published by the fund, the agreement came in implementation of the directives of King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman Al Saud.

The agreement was signed in Turkey by the Chairman of the Board of Directors of the Saudi Fund for Development, Ahmed bin Aqil Al-Khatib, and the Governor of the Central Bank of Turkey, Shihab Kavji Oglu.

The Saudi Fund for Development said that the deposit is “an extension of the historical relations and close bonds of cooperation that bind the Kingdom of Saudi Arabia with the Republic of Turkey and its brotherly people.”

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The Governor of the Central Bank of Turkey, Shihab Kavuoglu, said that the bank raised its forecast for inflation rates at the end of this year from 23.2 to 42.8 percent.

This came in a statement he made on Thursday during his participation in a meeting on the inflation report for the year 2022 at the headquarters of the Central Bank in the capital, Ankara.

Cavusoglu indicated that inflation rates in Turkey will begin to decline as of next May, and that it is expected to drop below expectations by the end of this year.

With regard to interest rates, Cavusoglu said that the Turkish Central Bank maintained the rate at 14 percent during the period from January to April.

He continued, “The forward price curves on which we base our expectations indicate that crude oil prices will remain in the coming period much higher than the expectations of the inflation report for the month of January.”

And he added, “We have updated our food price forecasts for 2022 and 2023, given the geopolitical risks and the cumulative effects of continued increases in global food prices and agricultural drought.”

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